‘India needs to develop vibrant low carbon manufacturing industry’
New Delhi: As the country has set ambitious net-zero and energy transition goals, sector experts have suggested that India will have to develop a vibrant low carbon manufacturing industry. In an interaction Vibha Dhawan, director, TERI said: “When we are talking of energy transition, it’s directly related to the sustainable development goals and what we are basically looking at that we have to develop a vibrant low carbon manufacturing industry." The statement gains significance as several industries exporting goods to the Europe are already preparing themselves to comply to the European Union’s Carbon Border Adjustment Mechanism (CBAM) which would come into force in October.
India already is taking steps to curb the impact of the mechanism and is also preparing an electrification strategy for the industry to decarbonize operations. Nitin Prasad, Chairman, Shell Group of Companies in India stressed on the need for a carbon market.
The Energy and Resources Institute (TERI) and Shell recently launched a report ‘India Transforming to Net Zero Emissions Energy System’ outlining India’s needs in the current decade to help meet its net-zero emissions target while also delivering energy security and energy equity. The report mentioned introduction of carbon pricing measures to drive low-carbon businesses and consumer choices as a key to the energy transition journey.
“The report recognizes the importance of putting in place a carbon market going forward," Prasad said. On the concerns of barriers such as CBAM, the Shell executive said that there will be a market for low-carbon technologies and low-carbon manufacturing moving forward and there there is an opportunity for India to to become a leader in these spaces.
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