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Your Climate Action Diary - 43

Year 2023 Week 29 Anushthatri Sharma
Hi,

Hope you are well !
India is emerging as one of the world's rapidly growing major economies. With an increasing demand for energy, primarily driven by the industrial & housing sector.

It now is tasked with supplying energy for the growing economy; while ensuring it aligns with its ambitious climate-target of net-zero emissions by 2070. 

To do this successfully, 

(i) India will have to gradually reduce the reliance on fossil-based energy sources. At the time of writing this, 56.8% of India's installed energy capacity relies on fossil fuels such as coal, lignite, gas, and diesel.

(ii) India will have to explore and implement viable financial models to support the deployment of clean energy (non-fossil) infrastructure in India. Adequate funding mechanisms (both domestic and international) will have to be established to ensure capital flow and investments.

The news developments from the last two weeks, curated here, will give you a sneak peak into this effort (in India and around the world). Happy Exploring.

Regards, 

Harish, 
Team OnePointFive Tribe

India Govt. Invites Bids for Green Hydrogen Manufacturing

The Indian Govt. has launched the Strategic Interventions for Green Hydrogen Transition (SIGHT) scheme, inviting bids for 450,000 tonnes per year of green hydrogen manufacturing capacity. The program, part of the National Green Hydrogen Mission, focuses on green hydrogen and electrolyzers. The Solar Energy Corporation of India will oversee implementation.

$2 Billion Committed to Support Climate Efforts in Developing Regions

Finance leaders, companies, & philanthropists (at the Climate Finance Mobilisation Forum, UK) have committed over $2 billion to support carbon emissions reduction and climate resilience in Africa, Asia, and Latin America - while emphasizing the importance of mobilizing private capital for emerging economies. Initiatives include those from Renewable Resources Group Partnership, Tony Elumelu Foundation & others.

World Bank Approves $1.5 Billion to Accelerate India's Low-Carbon Energy Development

The World Bank funding aims to accelerate renewable energy adoption, promote green hydrogen, and facilitate climate finance for low-carbon investments. It will be used to sustain India's net-zero target of 2070, which requires reducing fossil fuel usage while recognising its rapid-growth needs and climate-change mitigation.