In his address, Sinha spoke about the initiatives that have been proposed and are being considered by the government, including as part of the plan for the G20. He noted that greater climate investments would greatly benefit the Global North, Global South, and the planet, saying that “net zero is net positive for the Global South.” He observed that solar energy could be a third crop for Indian farmers and, saying that the time for incrementalism regarding addressing climate change is gone, he urged the members of the PE-VC industry to engage with the idea of climate investing.

He discussed that the vast opportunity presented by climate financing for the PE-VC industry: “We also, at the same time, need to do two important things from an enabling point of view – one, is we need to get global standards on what is green and what is not green and then we need to get these sectoral pathways lined up. At the same time, we need to make sure that there is enough capital flowing into these blended finance instruments so that we can really get these trillions of dollars of private sector capital flow. But we are not talking about substantially more budgetary resources. Budgetary resources from the Global North are limited and will remain limited. It’s all about mobilizing private sector capital, mobilizing effectively what you all do. So, this is going to be, I think, for the entire venture capital private equity industry the story of the next decade, which is green investing and unlocking the resources to pursue green investment. The kind of capital flows that we are going to see, I think, are really going to be much bigger than the ones that we’ve seen in the digitization, digital space.”

On climate investing being a significant way to attract global capital, Sinha said, “I am a believer in carbon trading and carbon markets, but to my mind, it’s not low-hanging fruit. I think we could put a hundred billion dollars into India and other industries where we have, enormous low-hanging fruit, but as in electric mobility, rooftop solar, solar in agricultural applications, whether it is energy conservation, we have so many opportunities where we could easily put a hundred billion dollars towards, with really high-quality commercial returns, even today.”

Climate tech is a sunrise sector in India. Despite it being a nascent and emerging sector, it is growing at a fast pace. The sector attracted ~1.2 Bn in investments between 2016 and 2020, and over the past five years, 120 climate tech startups raised over 200 funding rounds from 272 unique investors in India. In the first two quarters of 2022 alone, 70 Indian climate-focused startups raised $839 Mn over 75 transactions. Moreover, achieving India’s target of net zero emissions by 2070 can lead to the creation of ~USD 11 trillion in economic value in India. This is an unprecedented and unmissable opportunity that should be taken advantage of by Indian investors.

A veteran of Indian politics and policy-making, Shri Jayant Sinha is the Chairperson of the Parliamentary Standing Committee on Finance and the BJP Lok Sabha MP from Hazaribagh, Jharkhand. As Chairperson of the Standing Committee on Finance, Sinha leads a 31-member Parliamentary panel that has oversight of the Ministries of Finance, Corporate Affairs, Statistics & Program Implementation, and the Niti Aayog. Additionally, the panel has parliamentary responsibility for the Reserve Bank of India, the Securities & Exchange Board of India, the Insolvency & Bankruptcy Board, and the Insurance and Pension regulatory authorities. Sinha is also very active in the Parliament, having opened the debate on India’s Annual Budget on multiple occasions as well as having introduced important Private Member Bills. In the 2021 Budget session, he introduced the Climate Change (Net Zero Carbon) Private Member Bill 2021.

Source : mybigplunge

Jamshedpur : “Climate Change is the most discussed topic internationally and it is not surprising to note that this environmental concern finds mentions in almost all electoral agenda.

The disconcerting pace of global warming has become a major challenge to all forms of life and this situation calls for immediate measures for protecting planet earth both, for us and our generation to follow,” observed Hazaribagh MP and Chairman of Parliamentary Standing Committee on Finance, Jayant Sinha.

Addressing the first of a series of talks on Responsive Transitional Policy (RE-STRAP) entitled, ‘Getting to the Green Frontier: A Net Zero Development Model for India’ organized by Indo-American Chamber of Commerce (IACC) Jharkhand Desk, the former Union Minister said, “If we want a better India, we will have to move towards Green Frontier and reduce our reliance on petrol, diesel and coal and move towards E-vehicles. Cost effective solar energy is the future. The rapid pace at which climate change is occurring, it is imperative to go all out for mass awareness as this is the need of the hour.”

Jayant Sinha appealed to corporate houses, chambers, social organisations and general citizens to initiate steps for better life and healthy living. He appreciated the efforts of Tata Steel to reduce CO2 emission and urged other corporate and industrial houses to follow suit.

The former Union Minister, using power point presentation, explained about the climbing graph of CO2 emissions in India that was adversely affecting environment.

“Year 2070 is the target set by India to achieve Net Zero emissions but it can only be achieved if every individual resolves to contribute towards a cleaner and greener environment. Year 2070 may be distant but actions towards that end have to begin here and now,” stressed Sinha.

He averred that Prime Minister Narendra Modi’s dream of Atmanirbhar Bharat (Self-reliant India) would be possible only if individuals took the oath of ‘competitiveness, sustainability and realization (CSR)’ collectively.

Jayant Sinha said that while living in the present, people should not only prepare for tomorrow but look beyond for sustaining a horizon where life would not be threatened. He further said that pandemics like COVID struck once in 100 years. He attributed situations and events like pandemic COVID, the Russia-Ukraine war and climate change that would open the door to a disaster like tsunami.

Rebuffing the blame of constant hike in fuel prices on the central government, Sinha said that the cause leading to the fuel price hike was the Russia-Ukraine war.

“It is indeed true that in the past 122 year history of summer, April this year has been the hottest. But did anyone realize that this record rise is manmade? Felling trees, blasting away hills and rivers to build human habitats have disturbed nature’s equilibrium and there is still time to mend our needs and living habits in the greater interest of world community.” MP Jayant Sinha said that since the time of British rule we have been taking the temperature readings but never has been April hottest in last 122 years and we are only responsible for this. The way climate change is happening we need to get aware.

Jayant Sinha advocated the concept of moving forward with a positive attitude. He said that awareness was the key to change the world for a better tomorrow. “Change calls for moving forward and moving forward requires a positive attitude towards the greater interests of community. One of the steps towards progress is industrialization but that should be based on organized approach taking into consideration the positive factors to nurture and sustain environment.”

Working towards green hydrogen: Sanjiv Paul

Tata Steel Vice President (Sustainability and Safety) Sanjiv Paul, who was the Guest of Honour at the programme, said, “Tata Steel is working on green hydrogen to help decarbonise industry and cut emissions. In the coming decades the Company’s production will double but we need to think about the environment and take steps to reduce CO2 emission. The world is progressing, medical science is progressing and along with this the population is also increasing. World’s population has increased by 175 percent which is directly impacting our natural resources and if we want to save our planet, we will have to be aware of climate change.”

He said, “India currently produces 110 million tonnes of steel, which will increase to 450 million tonnes by 2050. Tata Steel will also have to double its production to about 80 million tonnes. This calls for latest technology that will not only enhance production capacity but also ensure a safe environment.” Experts have stated that green hydrogen was a clean fuel extracted by splitting water components oxygen and hydrogen23

Green hydrogen is clean fuel derived by splitting water and its two components hydrogen and oxygen and using renewable energy like solar power. Hydro energy does not emit environmental pollutents. Tata Steel is working towards using green hydrogen to preserve environment and life.

Source: PTI

The world’s third-biggest emitter has to meet the aspirations of 1.4 billion people for faster economic development, which will only happen with an accelerated pace of industrialization and energy demand.

New Delhi: Top Indian government officials are debating whether to set a target for net-zero greenhouse gas emissions by 2050. Doing so would mean an overhaul of a coal-reliant energy sector, transport, heavy industry and even the nation’s sluggish bureaucracy.

All that must be achieved while the world’s third-biggest emitter also meets the aspirations of 1.4 billion people for faster economic development, which will only happen with an accelerated pace of industrialization and energy demand.

Committing to a legally binding net-zero target would help India attract some of the trillions of dollars in investment that’ll be required for a green transformation, lawmaker Jayant Sinha, a member of Prime Minister Narendra Modi’s Bharatiya Janata Party and an advocate of a 2050 goal, said in an interview.

“The world is not going to achieve its targets of halting global warming unless India is able to reduce its carbon emissions and India changes its trajectory right now,” Sinha said. Here are some of the key challenges:

Ramping up renewables

Reforming India’s electricity sector is key to delivering lower emissions. Renewables are already making some inroads in a system where coal is currently used for almost 70% of power generation. Since Modi took office in 2014 solar and wind capacity has expanded to about 93 gigawatts.

Meeting the nation’s existing target of 450 gigawatts of renewables by 2030 is already a massive lift. Hitting net zero will require an even more dramatic acceleration.

India will also need to fix its money-losing distribution utilities, make more land available for wind and solar farms, and support development of additional transmission networks. It’ll also have to balance its renewables push against a desire to reduce dependence on foreign suppliers. Taxes on imports of foreign solar panels are intended to spur domestic manufacturing, but could make the rollout of cleaner energy more expensive in the short term.

Fossil dependent

Just three fuels meet about 80% of India’s energy demand: coal, oil and solid biomass such as fuelwood, animal waste and charcoal. Changing that mix will require more than simply adding more renewables.

Coal use is expected to rise, even if India stops building new power plants. That’s because existing coal power plants are running far below capacity, which the country will look to maximize. Oil and petroleum are used to power not only cars, trucks and railways, but also industrial machinery and even the pumps which deliver water for India’s agricultural sector. Tens of millions of homes still rely on cheap biomass fuels for cooking, and subsidies to switch them to cleaner liquefied petroleum gas cylinders have been trimmed.

To make matters worse, poor quality scrubbers on power plants burning coal make them a major contributor to poor air quality. The Indian capital New Delhi is the world’s most-polluted capital city, according to IQAir.

Rising demand

India’s energy use doubled since 2000 as hundreds of millions of citizens added an electrical connection, and the nation’s consumption is forecast to accelerate sharply. It’ll be driven both by industry and households, which are adding appliances including air conditioners, refrigerators and space heaters.

The country will have the fastest growing rate of energy consumption globally through 2050, the U.S. Energy Information Administration forecasts.

All that means India needs to add energy capacity equivalent to the entire European Union over the next two decades, the International Energy Agency said in February. Meeting that with cleaner electricity sources will require more hydro-power and nuclear energy, as well as wind and solar. The nation also needs stronger and more flexible electricity grids, and vastly improved energy efficiency measures.

Electrifying transport

The global shift to electric vehicles is happening far more slowly in India, with the costs of battery powered-models too high, access to charging infrastructure limited and concerns over the reliability of power grids. By 2040, only about a third of new passenger cars sold will be battery-powered, compared with about 70% in China and Germany.

Freight vehicles also pose a challenge, and account for about 45% of the country’s road transport emissions. “It will be really difficult for India to replace oil as transportation fuel,” said Senthil Kumaran, head of South Asia oil at industry consultant FGE. “Freight will rely on diesel no matter what.”

Still, some firms are positioning for more uptake. Ola Electric Mobility Pvt. Ltd. hopes to make 10 million electric two-wheelers a year by the summer of 2022 at a plant on Bangalore’s outskirts. India is also examining plans to run long-haul vehicles on liquefied natural gas and hydrogen.

Cleaner industry

As a still-industrializing economy, India’s emissions from making steel, cement, chemicals and other carbon-intensive materials is set to rise regardless of a climate push. But the country could make a dent in those emissions by deploying more energy-efficient measures, switching to cleaner fuels and embracing carbon-capture technology.

Increasing clean-energy spending will go a long way in helping the industrial sector. The IEA estimates that green investment across the energy sector, which includes energy, transport, and industry will need to be three times higher between 2025 and 2030, relative to the average from 2015 to 2020. That jump could help put the country on the greenest track that the IEA has modeled.

How India supports research and innovation in technologies including energy storage and carbon-capture will be crucial to success in meeting any new target, said Santhosh Jayaram, head of climate change practice at KPMG India.

Better bureaucracy

India will also have to give its under-funded environmental regulators more resources and power, and ministries will need to get better at translating policy into action. For decades, the nation has disappointed in efforts to improve crumbling infrastructure, extend access to public services and root out corruption.

One solution could be to set up a climate change commission, similar to bodies established in the U.K. and New Zealand, to monitor progress and help devise mechanisms to achieve long-term emission reductions, according to Sinha. The U.K.’s Climate Change Committee has been credited with pushing the government to set the most ambitious goal among G-20 nations.

Source: economictimes