Energy efficiency, electrification and renewable energy three pillars of India’s energy transition: MNRE official

Addressing the session ‘Role of Renewable Energy, Hydrogen and Transition Fuels towards India’s target of Net Zero’ at COP27, Bohra said that the amendments in Electricity Act 2003 promotes decentralized renewable energy applications by making rooftop owners as prosumers. “The National Green Hydrogen Mission was in the process of being notified to promote the industrialisation of hydrogen.” 

On the occasion Kolluru Krishan, Chair, FICCI Climate Change Committee and Chairman, CVC India Infrastructure, said that energy storage and hydrogen are long-term perspectives and natural gas is an indispensable transition fuel. “Bio-methane is a nature-based solution for decarbonising gas.” 

“Along with the movement towards greener fuels, reforestation and carbon capture were essential. Countries are providing guarantees to reduce the cost of capital to risk-averse institutional investors in green projects,” said Sean Kidney, CEO, Climate Bonds Initiative. 

During the panel discussion, Rambabu Paravastu, Chief Sustainability Officer, Greenko Group said that the availability of long-term offtake agreements for newer green technologies will ensure financing for these projects. “We must continuously deploy proven green technologies as we move towards the net-zero targets.” 

“Pragmatic green hydrogen standards for producing large-scale, cost-effective green hydrogen. All clean technologies that help bend the carbon emissions curve should be utilised,” said Vikram Kapur, Chief Growth Officer, Renew Power. 

During the session, Indian Oil showcased its initiatives in biofuels, renewable energy, and its solar cooker unit ‘Surya Nutan’. Shreejit Basu, Senior Manager (Alternate Energy), Indian Oil Corporation, said that around 20,000 fuel stations of Indian Oil are powered by solar power. 

FICCI is leading a high-level business delegation to UNFCCC COP27 with representatives from biofuels, renewable energy, hydrogen, manufacturing, infrastructure, services, and electric vehicle sectors. In addition, FICCI delegates have represented at various sessions at this year’s COP.