The energy sector in India contributes to around 75% of the greenhouse gas emissions today and holds the key to avert the worst effects of climate change. The growing coalition of countries, cities, businesses and other institutions are pledging to get to net-zero emissions. More than 70 countries have set a net-zero target, covering about 76% of global emissions and have joined the pledge to take rigorous, immediate action to halve global emissions.

India remains a bright spot on the global economic horizon, as the third largest energy consumer globally, consuming 5mb/d of oil which is expected to further increase by around 6.3 mb/d by 2045. At COP26 in 2021, India announced it's Net Zero target of 2070 and during COP27 it submitted its Long-term Strategy for Low Carbon Development. With strong economic foundations and an investment friendly environment, India has emerged as the demand and investment friendly destination of the world. The government is adopting multiple pathways to achieve its bold commitment to become net-zero by 2070 and India’s growth has the potential to catalyse global economic resurgence.

Speaking at the 26th Conference of Parties (COP-26) in Glasgow, Prime Minister Shri Narendra Modi announced that India will achieve net-zero emissions by 2070. The PM has also announced that India will raise its non-fossil energy capacity to 500 GW by 2030 while meeting 50 per cent of its energy demand through renewables. India has also committed to reducing 1 billion tonnes of projected emissions from now till 2030 and achieving carbon intensity reduction of 45 per cent over 2005 levels by 2030.

Considering the size of the country, the growth it has been witnessing, and the promise of further growth and development in the coming years, India’s energy demand is likely to increase more than that of any other region in the coming decades. Government of India is aware of the challenges, and hence its push towards low-carbon, renewable sources – be it its strategy on green hydrogen, working on their grids, new priority for the offshore wind sector, and its continued focus on finding alternatives to fossil fuels, including ethanol, natural gas, biofuel and electrification, among others – seems appropriate.

India has just announced a net-zero emissions target here of 2070, backed up by strong climate ambition in the near-term. By announcing 500 GW of non-fossil electricity capacity by 2030; 50% of energy requirements coming from renewables by 2030; one billion tonnes of emissions reductions by 2030; the emissions intensity of the GDP to be reduced by 45% by 2030, India has clearly put the ball in the court of the developed world. This is real climate action. Now, India demands USD 1 trillion of climate finance as soon as possible and will monitor not just climate action, but delivered climate finance.

Net zero refers to a state in which the greenhouse gases going into the atmosphere are balanced by their removal out of the atmosphere. To achieve net zero, world must reduce greenhouse gas emissions and/or to ensure that any ongoing emissions are balanced by removals. The ‘net’ in net zero is important because it will be very difficult to reduce all emissions to zero on the timescale needed. It is referred to as carbon neutrality, which does not mean that a country would bring down its emissions to zero. Rather, it is a state in which a country’s emissions are compensated by the absorption and removal of greenhouse gases from the atmosphere.

To achieve success, all industries and governments must come together to collaborate, share knowledge and influence change. The Net Zero Summit 2023 aims to provide a clear roadmap to Indian energy markets and accelerate the pace towards deep decarbonisation and sketch a blueprint for India's transition to a low carbon economy.

Net Zero Sustainability Summit will emphasize on the best practices, latest opportunities, challenges and strategies adopted in providing the best carbon emissions reductions and achieving net-zero goals. Largest players in carbon materials, decarbonisation technologies, innovative practices and services shall be on display showcasing innovation during the summit.

Net Zero Sustainability Summit is scheduled on 14-15 December at Hyatt Centric - Janakpuri, New Delhi with its focuses on practical strategies for reducing carbon emissions while keeping operations commercial in the fast growing energy sector.