The remarkable transformation of India's power sector since 2014 is truly an awe-inspiring chronicle of progress, resilience & clean energy transition. Implementation of some of the world's largest power sector reforms including universal electrification, rapid expansion of renewable energy and smart energy infrastructure, highlight the country's pioneering new model of economic development that avoids the carbon-intensive approaches.
While the world at large remains at a decisive cross-road in its journey to tackle the climate crisis, and limiting the rise in global temperatures to 1.5°C; under the visionary leadership of Honourable Prime Minister Shri. Narendra Modi, India's climate mitigation targets are not just transformational for India but also provide a blueprint for the world to follow.
th As a part of the national statement delivered at the 26 Conference of the Parties (COP 26), the Prime Minister announced the landmark commitment to achieve carbon neutrality by 2070. A part of five-point action plan that included installing 500 gigawatts of renewable energy to meet 50% of India's by 2030, reducing the emissions intensity of its economy by 45%, and reducing a billion tonnes of CO2. As the world's fastest growing large economy with over 1.3 billion people, these reforms complemented by overwhelming support from the Indian and Global Power & Utility industry, would ensure reliable, affordable, and sustainable energy to its people.
Accelerating India's sustainable economic development however also require a total transformation of its energy systems. Significant strides will thus have to be made in transforming the economy from one dominated by fossil fuels into one powered predominantly by renewables; including commitment to enhance clean power generation, universal electrification, integration of smart grids, roll out of advanced metering infrastructure, digital transformation and demand response mechanisms.
With India's energy demands set to grow multi-fold in the coming decades, the enormous challenge of transforming India's energy systems is also a huge opportunity for its economy. Sustained investments, innovation, and collaboration will be key to further strengthening India's power sector and ensuring a brighter, more prosperous tomorrow for all its citizens.