There is a growing momentum towards emerging clean energy technologies which is indicated by strengthened international and national climate ambitions, said TV Narendran, managing director of Tata Steel and co-chair B20 India, task force on energy, climate change and resource efficiency.
Speaking at the CII Partnership Summit 2023, on measures that are required to achieve an ideal net zero future, Narendran said that an improved access to capital, improved synergistic regulatory frameworks and an enhanced international cooperation will be critical going forward.
This transition to net zero will also require coordinated efforts spanning all stakeholders including government, private sector and civil society, he added.
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Formulation of policies and regulations that support this transition including carbon pricing, regulation of methane emissions and adoption of circular economy principles will be essential in this regard, he said.
Narendran emphasized on the need to prioritize investments especially in sectors of renewable energy to build a more flexible and resilient energy system. “Accelerating innovation in carbon capture, storage and development of green hydrogen is also crucial,” he said.
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Innovation in technology, use of AI and machine learning can help optimise operation of renewable energy sources and grid systems leading to increased efficiency and lower costs, according to Narendran.
Demanding on global attention to this, he said international collaboration will be needed to ensure successful transition to net zero future with minimum destruction.
Speaking on challenges to the path to net zero future, the biggest obstacle Narendran says would be the divergences observed in global cooperation and coordination.
He has urged on immediate response towards the climate crisis, saying that despite crisis, the world is yet to see a global response that matches scale and speed of challenge but this is not an issue of the future but of present. “The transition to net zero future is challenging yet achievable goal,” he concluded.
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