India has a unique opportunity to emerge as a leading low-carbon economic powerhouse with a $13-trillion economy by 2050 by investing in clean energy technologies and market-driven policies, UK-based research and consultancy group Wood Mackenzie's latest Horizons report suggests.

The country is now the world's third-largest emitter, relying heavily on fossil fuels.

The consulting firm’s net zero scenario for 2050 warrants India to raise its non-fossil fuel electricity generation to almost 80 per cent. The country must establish low-cost domestic supply chains for large-scale solar and wind power and invest in off-grid and decentralised renewable energy systems.

The scenario stresses on the need for a transparent carbon-pricing mechanism to incentivise investments in carbon capture, utilisation and storage (CCUS), green hydrogen, renewables and bioenergy.

The report, titled 'Chance of a Lifetime: can India show the developing world a unique path to net zero?', says India faces the unique challenge of decarbonising newer production units than other major economies, presenting an opportunity for industrial growth through low-carbon technology manufacturing.

The Panchamrit initiative, presented at COP26 in 2021, plays a key role in promoting the rapid development of renewable energy in India. The strategy aims at generating 500 GW of non-fossil-fuel electricity by 2030, requiring India to nearly triple its non-fossil-fuel capacity in six years.

Achieving half of energy needs from non-fossil fuel sources could result in a cumulative reduction of 1 billion tonnes of carbon emissions by 2030, the report suggests.

It calls for economic growth tied to sustainability, especially in manufacturing sectors.

Fibre2Fashion News Desk (DS)

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