India, at first United Nations General Assembly energy leaders meeting in 40 years, pledged to increase installed renewable energy capacity to 450 GW by 2030 and develop and implement a national hydrogen energy mission to increase annual green hydrogen production to 1 MT by 2030.
In addition, it announced the launch of a production-related incentive program to add 10 GW of photovoltaic solar panel manufacturing capacity by 2025.
India’s announcements were among new multibillion-dollar pledges made by countries on Friday to increase renewable energy and access to electricity and clean cooking technologies at the critical summit to step up efforts to reduce the ranks of nearly 800 million people living in energy poverty while setting the world on a trajectory towards net zero emissions by 2050.
India has announced the creation of a production capacity of 15 MMT of compressed biogas by 2024, to achieve a blend of 20% ethanol in gasoline by 2025-2026 and to improve the ” energy efficiency in agriculture, buildings, industry and transport sectors and promote energy efficient appliances and equipment to reduce the emission intensity of the GDP by 33 to 35% from the levels by 2005 by 2030.
More than $ 400 billion in new funding and investment was committed by governments and the private sector during the United Nations High-Level Dialogue on Energy.
More than 35 countries, ranging from small island developing states to large emerging and industrialized economies, have made significant new energy commitments in the form of energy pacts.
In addition, several new partnership initiatives were announced, aimed at providing and improving access to reliable electricity to more than one billion people.
The new commitments would lead to sharp increases in installed renewable energy capacity and significant improvements in energy efficiency around the world – leading to hundreds of new renewable energy installations and the creation of millions of new green jobs.
The energy summit came as world leaders grapple with the critical urgency of keeping the Paris Agreement’s 1.5-degree temperature target within reach and reducing emissions from 45% by 2030, while closing the energy access gap and providing the more than one billion people who currently depend on harmful fuels with clean cooking solutions.
The new commitments present the bold actions needed to meet the targets of Sustainable Development Goal 7 (SDG 7).
In addition to the pledges, the Dialogue will also produce a global roadmap for action and the timelines needed until 2030 to achieve the clean and affordable energy for all targets set out in SDG 7, towards net zero emissions by 2050, in accordance with the Paris Agreement on climate change.
The roadmap, which will be presented in the Secretary-General’s summary of the Dialogue, will call on governments, businesses and civil society organizations to close the energy access gap by 2030 and accelerate the transition to clean energies by tripling investments in clean energies. and energy efficiency by 2030.
It also calls for the phase-out of coal by 2030 for OECD countries and 2040 for all others, and a shift from fossil fuel subsidies to renewable energy investments, while creating new decent and healthy jobs and ensuring a just and inclusive transition.
The roadmap builds on inputs from expert working groups and was discussed in ministerial-level forums in June.
Recent reports from the IPCC and the UNFCCC have shown that countries do not act quickly enough on climate action to avoid disastrous consequences, and that even if countries meet all their NDC commitments under the the Paris Agreement, the collective impact would be only a fraction of what is needed to limit warming to 1.5 degrees Celsius.
In addition to mobilizing voluntary commitments, energy pacts can help by encouraging countries to define the detailed set of energy actions they have planned to achieve their goals and by providing a way to build partnerships and resources.
By engaging businesses, foundations, civil society organizations and other key players, the Compacts advance the concrete multi-stakeholder solutions and partnerships needed to achieve greater impact.
Over 150 energy pacts from national and local governments, businesses, foundations and international organizations, civil society and youth from all regions have been submitted for dialogue, reflecting actions and financial commitments up to in 2030.
Clean energy funding committed by national governments and the private sector in these pacts amounted to more than $ 400 billion for access and transition.
In addition to this, several foundations and industry associations aimed to mobilize significant additional funding for SDG 7.
Regarding access to energy, national governments are committed to providing reliable electricity to more than 166 million people around the world; private companies have pledged to reach just over 200 million people; and a number of foundations and professional associations have pledged to pursue partnerships to reach hundreds of millions more people.
Today, nearly 760 million people still do not have access to electricity and some 2.6 billion people do not have access to clean cooking solutions.
The cost of closing the energy access gap is estimated to be around $ 35 billion per year for access to electricity and $ 25 billion per year for clean cooking.
The annual investment in clean energy and energy efficiency required to achieve net zero emissions by 2050 is estimated at $ 4.4 trillion.
Responding to the commitments, UN Secretary-General Antonio Guterres said: “The commitments resulting from this UN-Energy-led process are a real signal of what is possible. I am pleased to see several of the major emitters – countries and sectors – – showing leadership through the high-level dialogue process as well as bold commitments to act. “
vg / pgh
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)