News Highlights:
Energy Transition: Despite the rapid increase of wind and solar energy, the next COP president claims that renewable energy alone will not be sufficient, particularly to transition businesses that are totally dependent on fossil fuels.
Key Takeaway:
This year’s Conference of Parties (COP-28) of the UN Framework Convention on Climate Change will be hosted by the United Arab Emirates, which holds one of the world’s largest oil and gas reserves.
Energy Transition:
- About:
- Energy transition refers to the global energy sector’s shift from fossil-based systems of energy production and consumption, including oil, natural gas and coal, to renewable energy sources like wind and solar, as well as lithium-ion batteries.
- The increasing penetration of renewable energy into the energy supply mix, the onset of electrification and improvements in energy storage are all key drivers of the energy transition.
- Significance:
- An energy transition is a significant structural change to the supply and use of energy in a system.
- The advantages of the energy transition are not confined solely to the environment. The development of renewables and the conversion of old power stations are helping the economy and creating new jobs.
- The energy transition is vital to saving the planet from the effects of climate change.
- Wind energy and solar photovoltaic (PV) systems are the best options for reducing climate change.
Green energy
- Definition:
- Green energy is a term for energy that comes from renewable sources. Green energy is often considered clean, sustainable, or renewable.
- The production of green energy does not release toxic greenhouse gases into the atmosphere, meaning it causes little or no environmental impact.
- Sources of renewable energy:
- Some important green energy sources include power produced by solar, wind, geothermal, biogas, low-impact hydroelectricity, and certain eligible biomass sources.
- The sources could sustain for a longer period and can easily be renewed often.
- Renewable energy sources are known to be less polluting.
Initiatives Shaping India’s Energy Transition:
- Commitment to clean energy:
- India has demonstrated its commitment to clean energy by setting ambitious goals like 500 GW of non-fossil energy by 2030, including 450 GW of additional renewable energy capacity and 43% RE purchasing obligation.
- These targets are supported through complementary policy and legislative mandates (Energy Conservation (Amendment) Act), missions (National Green Hydrogen Mission), fiscal incentives (production-linked incentives) and market mechanisms (upcoming national carbon market).
- Net Zero Target:
- India has set an ambitious long-term goal of reaching net zero emissions by 2070.
- India updated its Nationally Determined Contributions (INDC) under the Paris Agreement to reflect its aim of achieving 50% cumulative electric power installed capacity from non-fossil fuel-based energy sources by 2030
- Energy Conservation Amendment Bill, 2022:
- The Lok Sabha passed the Energy Conservation Amendment Bill, 2022 which aims to mandate the use of non-fossil fuel sources including green hydrogen, green ammonia, biomass and ethanol for energy and feedstock in industries.
- The Bill also gives the power to the Central Government to establish carbon markets.
Pic Courtesy: Freepik
Content Source: The Hindu