HIGH FIVE

Growing Responsibly

With the worsening climate crisis and mounting pressure to cut down global carbon emissions, countries are being forced to rethink their growth strategies to make them environmentally sustainable. Srivatsan Iyer, global chief executive officer of renewable energy producer Hero Future Energies, talks about five ways in which India can achieve its climate action goals while meeting its economic growth needs

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Published 8 months ago on Jul 01, 2023 1 minute Read

1. Consistent Renewable Energy Power Policy

Implementing supportive long-term policies, consistent across state lines, can accelerate the deployment of renewable energy projects, showcasing India as an attractive destination for global green investments and champion of sustainable energy solutions. Increased investment in solar and wind infrastructure can lead to job creation, foster economic growth and significantly reduce carbon emissions.

2. Promoting Green Finance

Green bonds and sustainable loans can help mobilise necessary capital for India’s transition to a low-carbon economy, attracting environmentally conscious investors and promoting sustainable financial markets.

3. Green Hydrogen Hubs

Investments in green hydrogen can help decarbonise hard-to-abate sectors, establish India as a leader in this emerging technology and transform it into a global leader in the production and export of green hydrogen and its derivatives. Investing in clean tech R&D can stimulate economic growth and create high-skilled jobs.

4. Electric Mobility

By incentivising electric vehicles and supporting infrastructure, India can significantly cut transportation emissions, stimulate technological innovation and position itself as a major player in the global electric vehicle market.

5. Capacity Building and Capacity Strengthening

Investing in education and skills training can ensure the availability of a skilled workforce for the renewable energy sector. Adopting stricter energy efficiency standards across industries can cut emissions, lower operating costs and make Indian industries more competitive on the global stage, all while conserving precious resources.