General Electric (GE) and EY recently launched their whitepaper titled ‘Decarbonization of India’s energy sector: Policy roadmap to achieve clean energy targets’. Aligned with India’s target of achieving a net-zero carbon economy by 2070, the whitepaper charts illustrative paths towards phasing down carbon and suggests a strategic combination of renewables, gas, and storage for a most effective energy transition.
The GE-EY whitepaper shares comprehensive insights on realizing India’s green energy potential and provides recommendations on possible policy initiatives essential for a future driven by sustainable industries. It makes four key strategic recommendations.
- Overcome import-dependence in the energy sector through measures that incentivize domestic production, like the Production Linked Incentive (PLI) scheme.
- Leverage carbon capture technologies for the usage of coal-based energy, which is the largest source of primary energy and is domestically sourced.
- Encourage the promotion of green hydrogen through demand-side incentives and policies to bring down costs.
- Most importantly, create carbon markets and incentives for the adoption of clean energy technologies. India also needs to undertake several policy measures to help deepen the green bond market to facilitate financing.
Download the paper here