India pledged to increase renewable energy installed capacity to 450 GW by 2030 and establish and implement a National Hydrogen Energy Mission to scale up annual green hydrogen production to 1 MT by 2030 at the first leader-level meeting on energy under the UN General Assembly in 40 years.
It also stated that a Production Linked Incentive Scheme will be launched to create 10 GW of solar PV manufacturing capacity by 2025.
India’s announcements were among new multibillion-dollar commitments made on Friday by countries to increase renewable energy, access to electricity, and clean cooking technologies at the crucial summit aimed at boosting efforts to reduce the ranks of nearly 800 million people living in energy poverty while putting the world on a path to net-zero emissions by 2050.
India has announced plans to build a 15 MMT compressed biogas production capacity by 2024, achieve 20% ethanol blending in petrol by 2025-26, and improve energy efficiency in agriculture, buildings, industry, and transportation sectors, as well as promote energy-efficient appliances and equipment, in order to reduce the country’s emissions intensity of GDP by 33-35 percent by 2030, compared to 2005 levels.
During the UN High-Level Dialogue on Energy, governments and the business sector pledged more than $400 billion in new money and investment.
In the form of Energy Compacts, over 35 countries, ranging from small island developing states to major emergent and industrialized economies, made significant new energy obligations.
Several new collaboration initiatives were also launched, with the goal of providing and improving reliable power to over a billion people.
The new promises would result in considerable increases in renewable energy installed capacity and major improvements in energy efficiency around the world, resulting in the construction of hundreds of new renewable energy plants and millions of new green jobs.
The energy summit took place as world leaders grapple with the critical urgency of meeting the Paris Agreement’s 1.5 degree temperature target and cutting emissions by 45 percent by 2030, all while closing the energy access gap and providing clean cooking solutions to more than one billion people who currently rely on harmful fuels.
The new commitments demonstrate the ambitious steps required to accomplish the Sustainable Development Goal 7 ambitions (SDG 7).
The Dialogue will establish a worldwide roadmap for action and deadlines needed through 2030 to reach the targets for clean, affordable energy for all set out in SDG 7, and to achieve net-zero emissions by 2050 in accordance with the Paris Agreement on Climate Change.
The roadmap, which the Secretary-General will outline in the Dialogue’s summary, will urge governments, corporations, and civil society organizations to overcome the energy access gap by 2030 and accelerate the clean energy transition by tripling investments in clean energy and energy efficiency.
It also calls for phasing out coal in OECD nations by 2030 and in all other countries by 2040, as well as moving fossil fuel subsidies to renewable energy investments, all while creating new decent and healthy jobs and guaranteeing an equitable and inclusive transition.
The roadmap was considered at Ministerial-level conferences in June and is based on feedback from expert working groups.
Recent reports from the IPCC and UNFCCC show that countries are not moving fast enough on climate action to avoid catastrophic consequences and that even if all of their NDC commitments under the Paris Agreement were met, the collective impact would be only a fraction of what is required to keep warming below 1.5 degrees Celsius.
The Energy Compacts can help by encouraging countries to define the precise set of energy actions they have planned to reach their targets and giving an avenue to establish partnerships and resources, in addition to mobilizing voluntary commitments.
The Compacts are creating actual multi-stakeholder solutions and partnerships needed to create greater impact by involving businesses, foundations, civil society groups, and other essential participants.
For the Dialogue, more than 150 Energy Compacts were filed from national and local governments, businesses, foundations, international, civil society, and youth organizations from all regions, indicating activities and financial pledges through 2030.
In these Compacts, national governments and the corporate sector pledged more than $400 billion in clean energy funding for access and transition.
Furthermore, some foundations and industry organizations sought to leverage significant extra funding for SDG 7.
National governments pledged to provide reliable electricity to more than 166 million people around the world; private companies pledged to reach just over 200 million people, and a number of foundations and business associations promised to pursue partnerships to reach hundreds of millions more people.
Nearly 760 million people still do not have access to electricity, and 2.6 billion people do not have access to clean cooking solutions.
The cost of eliminating the energy access gap is expected to be over $35 billion per year for electricity and $25 billion per year for clean cooking.
To reach net-zero emissions by 2050, an annual expenditure of $4.4 trillion in clean energy and energy efficiency is estimated.