As per IMF’s World Economic Outlook (WEO), in October 2022, India is projected to grow at 6.8 per cent in the year 2022 which is one of the fastest among major economies.
Major steps taken for reducing carbon emissions and moving towards sustainable development goals inter-alia include:
- Permitting Foreign Direct Investment (FDI) up to 100 per cent under the automatic route for renewable energy projects
- Waiver of Inter-State Transmission System (ISTS) charges for inter-state sale of solar and wind power for projects to be commissioned by 30th June 2025
• Declaration of trajectory for Renewable Purchase Obligation (RPO) up to the year 2030
- Setting up of Ultra Mega Renewable Energy Parks, to provide land and transmission to RE developers on a plug-and-play basis.
- Launch of Schemes such as Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), Solar Rooftop Phase II, 12000 MW CPSU Scheme Phase II, etc.
- Laying of new transmission lines and creating new sub-station capacity under the Green Energy Corridor Scheme for evacuation of renewable power
• Transmission Plan for Integration of 500 GW Renewable Energy capacity by 2030.
• Notification of promoting renewable energy through Green Energy Open Access Rules, 2022.
- Launch of Green Term Ahead Market to facilitate the sale of renewable energy power through exchanges.
- The Government has been proactively shutting down inefficient thermal units. A total of 259 Units with a capacity of 18152 MW have been retired from the 10th Plan onwards till November 2022.
• The Net Zero target by 2030 by Indian Railways alone will lead to a reduction of emissions by 60 million tonnes annually. Similarly, India’s massive LED bulb campaign is reducing emissions by 40 million tonnes annually.
- From 2017 onwards all thermal power capacity addition is through supercritical units only. This will lead to a reduction in fossil fuel consumption and thereby reduce CO2 emissions.
- Promoting Electric Vehicles and creating charging infrastructure in the country.
• Notifying fuel efficiency norms to reduce carbon footprints for the transport sector.
• Co-firing of Biomass pellets with coal is being done in thermal power plants.
• Implementation of various schemes and programmes to enhance energy efficiency.
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