FEBRUARY 202319field. Advancement in technologies is enabling corporates to procure round-the-clock green power. RE deployment is expected to double (or even triple), and more than 30 per-cent of industrial emission mitigation depends on EE mea-sures. Renewable electricity is growing fast in India, with new capacity additions doubling by 2026. The share of solar and wind in India's energy mix have grown phenomenally.3. Circular Economy or Value Chain Mobilization: Cir-cularity is about the five Rs: Reduce, Repair, Resell, Refurbish and Recycle. Value chain emissions constitute more than a company's total carbon footprint. The transition can be based on the redesign of the supply chain. Innovations in logistics is a key enabler to drive circularity when it comes to optimizing production volumes, enhancing the life cycles of the products, and devising end-of-life recycling.4. Biomass, Hydrogen & Other Zero Carbon Fuels: Many futuristic technologies like Hydrogen, CCUS, Fuel Cells, and many are still nascent and have high-cost implications. India is one of the world's largest producers of modern bioenergy. Hydrogen has the potential to decarbonize transportation, heating systems, and industrial operations, which are currently challenging to decarbonize through renewable energy. On the one hand, these technologies require a huge push on the policy front, but industry leaders also need to come forward and demonstrate their commitment to adopting the same.5. Carbon Capture Utilization & Storage (CCUS): With CCUS, carbon can be captured from large point sources and energy facilities that burn fossil fuels or biomass. According to the IEA, the role of CCUS in achieving net zero emissions is crucial, since without it, options for tackling heavy industry emissions would be limited or nonexistent.Way AheadInternational Energy Agency (IEA), in its report on achieving Net Zero for Heavy Industry Sectors recommends:· Foster Innovation & Green Finance in Heavy Industry: Near-zero emission technologies should be funded with grants and low-interest loans. These funds would benefit industrial plants, logistics, storage, and related areas.· Promote Demand for Near-zero Technologies: By encouraging the use of materials with near-zero emissions, the government can help boost demand. Long-term public-sector procurement is an example of government support.· Uniform Industry Standards & Tools: Measurements are being developed to assess carbon emissions across industries and nations. As a result, governments can agree on a common reporting framework.· Clarity in the Taxonomy: Existing efforts undertaken by the industry and the governments; IEA suggests can be termed as `low emission production'. This way, it can be differentiated from net zero emissions.A shift to green energy is a huge economic opportunity. As a large developing economy with over 1.3 billion people, India's energy ambitions are not just transformational for India but the entire planet. The industry is geared up to leverage tremendous opportunities available in the energy transition field
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