The twin challenge of poverty reduction and decarbonization of the economy has to be met simultaneously by India. This calls for transition to low-carbon economic growth, which fortunately is possible.
Much of the old way of economic growth was greatly dependent on fossil fuels, creating a great deal of waste and environmental degradation. However, the way forward in economic progress does not need this reliance. That is where India can really use electrification in all sectors to lessen its dependence on fossil fuels and increase efficiency.
Electrification of transportation, heating, and cooling can greatly reduce energy consumption and waste heat. Further, using renewable energy, primarily solar and wind, alongside greater efficiency, can significantly reduce reliance on fossil fuels.
However, the pace of adding new renewable energy capacity must align with the development of grid infrastructure and energy storage systems, such as pumped hydro.
Investment in nature-based solutions—for example, afforestation and mangrove restoration—will sequester carbon and reduce the impacts of climate change. Modern agricultural practices, such as precision farming and drone technology, boost efficiency, cut greenhouse gas emissions, and improve food security.
The most critical thing is decarbonizing industrial processes, in particular, steel and cement. The shift will include adopting efficient technologies like electric arc furnaces for steel production and exploring alternative cement production methods.
A strong carbon pricing mechanism has to be in place, including incentives for decarbonization efforts. Currently, India already has a voluntary carbon market. What is needed is a more comprehensive, regulated system of dealing with the environmental costs of carbon emissions.
Finally, retiring the dirtiest coal and gas plants is the only way to reduce air pollution and protect public health. By adopting these measures, India can pave the way for a sustainable, prosperous future and steer clear of climate change risks.
Reference- World Economic Forum, PWC report, Climate Policy Initiative Blog,PlanA blog, BBC, The Coversation