India needs to adopt carbon pricing, shift to electric mobility to achieve net-zero target: Niti Aayog member

India needs to adopt carbon pricing and carbon capture policies to achieve net-zero target.

India needs to adopt new policies like carbon pricing, Carbon Capture Utilisation and Storage (CCUS) and shift to electric mobility for an accelerated path to net zero, said Vijay Kumar Saraswat, NITI Aayog member.

Speaking at the 11th Subir Raha Memorial Lecture, Saraswat also emphasised that India needs to capture 10 billion tonnes of carbon dioxide by 2070 to reach its net-zero goals as stated by International Energy Agency (IEA).

India aims to achieve net-zero emissions target by 2070, Prime Minister Narendra Modi had pledged at COP26.

"To accelerate our path to net zero, India must adopt new policies such as carbon pricing, leverage technology breakthroughs like CCUS, and expedite the transition to electric mobility, green steel, and other sustainable practices,” said Saraswat.

He added that while renewables will contribute to 25 percent of carbon emissions abatement, the crucial role of Carbon Capture and Storage (CCS) and Carbon Capture and Utilization (CCU) industries cannot be understated, accounting for 6 percent.

Saraswat pointed out that developing countries like India do not bear a significant burden on the world with regard to greenhouse gas emissions. India's contribution has been less than 4 percent during the period of 1850-2021, he added.

Subir Raha Memorial Lecture was organised by United Nations Global Compact Network India (UN GCNI), Indian Oil Corporation Limited (IOCL), and Oil and Natural Gas Corporation (ONGC).