Francesco La Camera , Director General of International Renewable Energy Agency has remarked that renewable Energy Sector can create 3.5 million jobs by 2030 and help the country reduce dependency on oil imports and provide economic benefits as renewable energy increasingly costing less than conventional methods.
However, lack of physical and policy infrastructure for rapid adoption of renewables globally is a barrier that can lead to failure in achieving the goals of Paris climate pact of containing planetary temperature rise within 1.5 degree centigrade or even 2 degree centigrade.
Outlook for India having announced huge outlay of Rs 35,000 crore towards net zero transition by 2070
According to Francesco La Camera, India can achieve net zero before 2070. He also expressed confidence in India’s energy transformation and said that the country’s 2030 and 2025 energy goals had already been met. Further stated that India currently has 700,000 or so jobs in the renewable sector now, and that number might reach 3.5 million by 2030. Because renewable energy is anticipated to be less expensive than conventional methods of producing electricity, India will be less dependent on fossil fuels and will be economically more significant.
Impact of Ukraine War on Fossil Fuels
The Ukraine War demonstrated the dependence of 80% of nations on fossil fuels. Only if countries adopt renewable energy sources and decentralised energy systems can this dependence be reduced. The future of energy will consist of renewable sources, hydrogen, and sustainable biomass utilisation.
Furthermore, until 2030, the yearly energy capacity must be tripled in order to meet the Paris Agreement’s goals of keeping global warming under 1.5 and 2 degrees Celsius.
Also mentioned was the importance of India’s G-20 Presidency and its embrace of cutting-edge technologies like green hydrogen, which can aid it in establishing the G-20 agenda.
Commitment of UAE towards Renewable Energy Sector
It was also mentioned by Camera, that the United Arab Emirates has made the most foreign investments in renewable energy. It has made investments through MASDAR, also known as Abu Dhabi Future Energy Company, in about 44 different countries. UAE began investing in renewable energy sources when there were none at the time, and it has ambitious goals domestically. UAE already makes investments in hydrogen and exports ammonia.
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