Discover how electric mobility, renewable energy, and bold investments propel India toward a net zero emissions future by 2050.
During the COP26 summit, India’s Prime Minister Narendra Modi, promised to reduce the amount of carbon pollution produced for every unit of economic growth by 45% by 2030. He also pledged that India would reach net zero emissions by 2070.
Why is this important? Well, India uses a lot of crude oil, a fossil fuel. Fossil fuels are made from ancient plants and animals, and they are running out. Also, using crude oil for transportation makes a lot of greenhouse gases, which are bad for the environment.
So, India is working hard to reach net zero emissions. According to BloombergNEF, as cited by Business Insider, there is a plan that might get us there by 2050.
Let’s see how this could happen and which sector could benefit.
What’s Happening?
According to a report from the Bureau of Energy Efficiency in India, the transportation sector in the country uses 18% of all the energy consumed. That is equal to 94 million tonnes of oil equivalent (MTOE). If this continues, by 2030, the transport sector’s yearly energy use will jump to 200 MTOE.
But here is the problem: the transport sector mainly uses energy sources from crude, and those resources are limited and are not good for the environment. Crude burning leads to 142 million tonnes of carbon dioxide (CO2) emissions every year. Out of this, a big 86% comes from road transportation alone. That is why the government is putting a lot of effort into electric vehicles to help meet its net zero emissions target.
What is the Net Zero Emission Target?
Net-zero emissions mean that we have a balance between the greenhouse gases we put into the air and the ones we take out. Think of it like a scale where the two sides are in equilibrium.
To achieve net zero, we need to ensure that the amount of greenhouse gases we release into the atmosphere equals the amount we remove or reduce through activities like planting trees, capturing carbon and cutting emissions from different sectors.
For India, this means we must considerably cut our emissions, especially in big industries like transportation.
How Electric Mobility Can Help Achieve Zero Net Emissions?
Electric mobility, which includes electric vehicles (EVs) and their charging infrastructure, can be a big part of India’s plan to reach net-zero emissions.
1. Less Carbon Pollution: Electric vehicles don’t have tailpipe emissions, so they don’t add carbon pollution to the air. This is important in crowded cities where air quality is a big issue. According to Niti Aayog, even when you consider how electricity is made, fully electric vehicles still emit about three times less carbon dioxide than regular petrol or diesel vehicles. So, electric vehicles are much cleaner for the environment.
2. Energy Efficiency: Electric vehicles are better at using energy efficiently than regular cars with internal combustion engines. They can turn a larger part of the electrical energy they get from the grid into actual power for the wheels. This efficiency means they use less energy and produce fewer greenhouse gas emissions.
To understand this better, let’s look at some numbers. According to the Niti Aayog report, electric vehicles can convert about 60% of the electrical energy from the grid into power for the wheels. But regular petrol or diesel cars can only convert around 17% to 21% of the energy stored in their fuel into power for the wheels. That is a waste of about 80% of the energy! So, electric vehicles are much smarter when it comes to using energy.
3. Government Initiatives: The Indian government is doing a lot to encourage electric mobility. They have introduced all sorts of benefits like subsidies to make EV production cheaper, tax advantages, and research and development support to make our very own electric vehicle technology.
4. Market Expansion: Indian car companies are putting more money into making electric vehicles. This means we will have more electric cars to choose from at different prices. So, more people can afford to get an electric vehicle. Electric two-wheelers are especially gaining popularity, and very few companies dominate the segment.
The chart depicts the percentage sales of three leading players in the two-wheeler EV segment.
With all these good things going for electric vehicles, they will be poised for future growth.
So, can India reach its goal of net zero emissions 20 years earlier than they said (by 2050 instead of 2070)? The answer is yes!
How Can India Achieve its Net Zero Target by 2050?
According to a report by BloombergNEF’s New Energy Outlook, India needs to spend about 5% of its GDP every year to reach its goal of net zero emissions by 2050. This money is needed to switch to cleaner technologies, encourage electric vehicles, make energy use more efficient, invest in renewable energy, and support research and new ideas. With these plans and enough money, India can move closer to a future where we don’t add more carbon to the environment.
What’s Next?
Electric mobility is pivotal in reducing emissions, but several challenges must be tackled, including extensive charging infrastructure, affordability concerns, grid capacity upgrades, battery technology advancements, consumer awareness, and responsible recycling.
However, there is optimism on the horizon. India’s significant investments, ongoing research and innovation, government initiatives, infrastructure development, and corporate commitments pave the way for a cleaner, more sustainable future.
That’s it for today. We hope you’ve found this article informative. Remember to spread the word among your friends. Until we meet again, stay curious!
*The companies mentioned are for information purposes only. This is not an investment advice.
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