Financing products have been created in various area of clean energy, says Kumar
The government is working on India Carbon Market plan, following the 2022 amendment of the Energy Conservation Act, according to Arijit Sengupta, Director, Bureau of Energy Efficiency (BEE) in the Power Ministry.
Soon the Green Hydrogen consumption norms will be rolled out. The BEE is also working on ‘Carbon Intensity Targets’ to incentivize the energy efficiency efforts, he told a FICCI roundtable on 10 April 2024.
“We can easily double the Energy Efficiency in MSME sector,” assured Rajiv Kumar, General Manager, Small Industries Development Bank of India (SIDBI).
“Financing products have been created in various area including solar rooftops, energy efficiency – machine upgradation, electric vehicles and waste minimization/waste to energy.”
But there are challenges. Technology for India to become Net Zero is not available at the commercial level while economic progress will see the fossil fuel-based energy needs increase by 2-2.5 times by 2047, Venu Gopal Mothkoor, Senior Specialist- Energy at NITI Aayog, told the roundtable on ‘Doubling the Rate of Energy Efficiency of Indian Industry 2030’.
Energy efficiency has become important to achieve the CO2 emission targets, pointing out that the potential to reduce the CO2 emissions from the use of electricity from clean sources is 51% by 2047 as compared to the baseline.
He listed out areas that need to be given thrust to double the rate of energy efficiency. These include decarbonization, clean fuels (Green Hydrogen, bio-fuels etc), digitalization, sustainable buildings, penetration of smart appliances and incentives.
Yet, about 84% of the Indian energy is produced using fossil fuels, Mothkoor
Abhay Bakre, Director General, Bureau of Energy Efficiency (BEE), lauded the role played by FICCI in taking the National Energy Efficiency agenda but emphasized on the need for global level knowledge exchanges and sharing the success stories of other countries.
Bakre also stressed the need for mapping the potential for Energy Efficiency improvement in different countries, and pointed out that energy efficiency is a low-cost option for meeting the growing energy demand as compared to other options.
Experts from leading organizations in the country including GGGI, IOCL, Tata Steel, NTPC, Shakti Foundation, Godrej, Devki Energy, Mitsubishi, Samsung, Forbes Marshall, CLASP, Haier, Schneider, Siemens, EESL, SIDBI, GIZ, Tata Capital, Vedanta and IIEC had fruitful deliberations on the way forward towards doubling the Industrial Energy Efficiency by 2030. Fiinews.com
