- As India’s economy and population continue to grow, so too does its demand for energy.
- India is also particularly vulnerable to climate change.
- Solar power could be the answer to both problems. With 300 sunny days a year, India can lead the world in solar capacity.
- Doing so will require strong policy-making and foreign investment – but the rewards will be manifold
A quarter-century of growth has transformed the lives of millions of Indians and enabled the country to ascend to its rightful place on the global stage.
India, now the sixth-largest economy, is projected to climb to third place by the end of the decade. This rapid growth trajectory also positions India as a testbed of one of the most critical questions facing the environmental movement: can developing nations, which are expected to generate the bulk of global growth in the coming decade, reduce their carbon footprint while fulfilling their economic potential?
India is currently among the top-three nations in energy use, though way down the list on a per-capita basis. Its energy demand will grow the most on the planet over the next 20 years.
Interestingly, it is not just economic growth driving this demand. India’s population is anticipated to grow by 270 million over the next two decades — resulting in an increased demand for carbon-intensive industries like cement and steel to house the population.
India is also very vulnerable to climate change, notably due to the melting of the Himalayan glaciers and changes in the monsoon pattern. For a country aiming to become a $5 trillion economy, the move towards a low-carbon and regenerative economy is an imperative.
Solar Salvation
In 2019, India ranked fourth globally in installed renewable power capacity, with solar and wind power leading the way. Prime Minister has set a goal to generate 450 gigawatts of renewable energy by 2030 – five times the current capacity.
If achieved, it also means that India would generate 60% of its electricity from non-fossil fuel sources by 2030, well beyond the 40% target in its Paris pledge.
Solar could be India’s salvation. With around 300 sunny days a year, India has the potential to lead the world in solar electricity, which will be less expensive than existing coal-fired power by 2030, even when paired with battery storage.
This will require the development of utility-scale renewable energy projects with innovative regulatory approaches that encourage pairing solar with other renewable technologies and storage to offer ‘round the clock’ supply. It will also require attracting foreign investment in renewables.
Prime Minister’s call for “high speed, large scale, concrete action” to combat climate change at the recent US-hosted summit and his open invitation to global partners for building sustainable solutions reaffirm India’s interest in nurturing cross-border collaboration and innovation to accelerate climate action.
n 2019, India ranked fourth globally in installed renewable power capacity, with solar and wind power leading the way. Prime Minister Narendra Modi has set a goal to generate 450 gigawatts of renewable energy by 2030 – five times the current capacity. If achieved, it also means that India would generate 60% of its electricity from non-fossil fuel sources by 2030, well beyond the 40% target in its Paris pledge.
Solar could be India’s salvation. With around 300 sunny days a year, India has the potential to lead the world in solar electricity, which will be less expensive than existing coal-fired power by 2030, even when paired with battery storage.
This will require the development of utility-scale renewable energy projects with innovative regulatory approaches that encourage pairing solar with other renewable technologies and storage to offer ‘round the clock’ supply. It will also require attracting foreign investment in renewables.
Prime Minister’s call for “high speed, large scale, concrete action” to combat climate change at the recent US-hosted summit and his open invitation to global partners for building sustainable solutions reaffirm India’s interest in nurturing cross-border collaboration and innovation to accelerate climate action.
Up to the challenge
The choices made now and in the coming years by the Indian government and the people will affect the entire world. But the sustainable route won’t be easy or economical.
The IEA report says transforming from today’s policy choices to a sustainable-development scenario would require a transition on a scale no country has achieved in history.
It would also require considerable innovation, strong partnerships, and vast amounts of capital. India should be up to the challenge.
The nation’s fuel import bills are likely to triple in the next two decades under current policies. At the same time, India is seen as an emerging renewables and storage powerhouse and is one of the few countries on track to meet most of its Paris targets.
If the country follows a more sustainable path of reducing emissions and increasing its share in non-fossil based fuel for electricity generation, then its bills for importing energy can be reduced substantially, offsetting the investments in renewables.
Of the world’s 2,000 largest public companies, at least one-fifth (21%) now have net-zero commitments, representing annual sales of nearly $14 trillion.
Even in India, companies have stepped up their climate initiatives. According to the Standard Chartered SDG Investment Map, India alone offers a private investment opportunity of over $700 billion in clean energy.
The private sector has a significant role in transforming the core of its business and delivery models and in building collaborative partnerships that will support them in achieving sustainability goals and ensuring inclusive growth for all. It’s becoming increasingly clear that we are in a period of transformation.
India is blessed with an extraordinary reservoir of business and public leadership talent committed to a cleaner and brighter future. The 2030 milestone is a crucial target for private sector investors looking to invest for impact and improve the lives of millions of Indians in the coming decade.
India has shown the world how to lift millions of people out of poverty and provide a better quality of life. With its transition to clean energy, India can become the model for nations around the globe by creating a pathway to sustainable growth, rising prosperity, environmental justice and a clean energy future.
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[wptelegram-join-channel link=”https://t.me/s/upsctree” text=”Join @upsctree on Telegram”]2021 WEF Global Gender Gap report, which confirmed its 2016 finding of a decline in worldwide progress towards gender parity.
Over 2.8 billion women are legally restricted from having the same choice of jobs as men. As many as 104 countries still have laws preventing women from working in specific jobs, 59 countries have no laws on sexual harassment in the workplace, and it is astonishing that a handful of countries still allow husbands to legally stop their wives from working.
Globally, women’s participation in the labour force is estimated at 63% (as against 94% of men who participate), but India’s is at a dismal 25% or so currently. Most women are in informal and vulnerable employment—domestic help, agriculture, etc—and are always paid less than men.
Recent reports from Assam suggest that women workers in plantations are paid much less than men and never promoted to supervisory roles. The gender wage gap is about 24% globally, and women have lost far more jobs than men during lockdowns.
The problem of gender disparity is compounded by hurdles put up by governments, society and businesses: unequal access to social security schemes, banking services, education, digital services and so on, even as a glass ceiling has kept leadership roles out of women’s reach.
Yes, many governments and businesses had been working on parity before the pandemic struck. But the global gender gap, defined by differences reflected in the social, political, intellectual, cultural and economic attainments or attitudes of men and women, will not narrow in the near future without all major stakeholders working together on a clear agenda—that of economic growth by inclusion.
The WEF report estimates 135 years to close the gap at our current rate of progress based on four pillars: educational attainment, health, economic participation and political empowerment.
India has slipped from rank 112 to 140 in a single year, confirming how hard women were hit by the pandemic. Pakistan and Afghanistan are the only two Asian countries that fared worse.
Here are a few things we must do:
One, frame policies for equal-opportunity employment. Use technology and artificial intelligence to eliminate biases of gender, caste, etc, and select candidates at all levels on merit. Numerous surveys indicate that women in general have a better chance of landing jobs if their gender is not known to recruiters.
Two, foster a culture of gender sensitivity. Take a review of current policies and move from gender-neutral to gender-sensitive. Encourage and insist on diversity and inclusion at all levels, and promote more women internally to leadership roles. Demolish silos to let women grab potential opportunities in hitherto male-dominant roles. Work-from-home has taught us how efficiently women can manage flex-timings and productivity.
Three, deploy corporate social responsibility (CSR) funds for the education and skilling of women and girls at the bottom of the pyramid. CSR allocations to toilet building, the PM-Cares fund and firms’ own trusts could be re-channelled for this.
Four, get more women into research and development (R&D) roles. A study of over 4,000 companies found that more women in R&D jobs resulted in radical innovation. It appears women score far higher than men in championing change. If you seek growth from affordable products and services for low-income groups, women often have the best ideas.
Five, break barriers to allow progress. Cultural and structural issues must be fixed. Unconscious biases and discrimination are rampant even in highly-esteemed organizations. Establish fair and transparent human resource policies.
Six, get involved in local communities to engage them. As Michael Porter said, it is not possible for businesses to sustain long-term shareholder value without ensuring the welfare of the communities they exist in. It is in the best interest of enterprises to engage with local communities to understand and work towards lowering cultural and other barriers in society. It will also help connect with potential customers, employees and special interest groups driving the gender-equity agenda and achieve better diversity.