UPSC Articles
CEEW Centre for Energy Finance (CEEW-CEF)
Part of: Prelims and GS-III – Climate change
Context According to an analysis by climate and energy research firm, CEEW Centre for Energy Finance (CEEW-CEF), in order to meet its goals of net zero by 2070, India will need close to $10 trillion (Rs. 700 lakh crore).
- CEEW is the Council for Energy, Environment and Water Research, a think tank in India.
Key estimates by the firm
- Around $8.4 trillion would be needed to scale up generation from renewable energy and bring together the necessary infrastructure.
- Another $1.5 trillion would have to be invested in the industrial sector for setting up green hydrogen production capacity.
- Green hydrogen is made from renewable energy and can be used for many things, from heating to powering batteries as well as fuelling vehicles.
- India would require investment support of $1.4 trillion from developed economies to bridge the gap.
Another study by the firm
- The CEEW had computed earlier that India’s total installed solar power capacity would need to increase to 5,630 gigawatts by 2070.
- The usage of coal would need to peak by 2040 and drop by 99% between 2040 and 2060.
- Crude oil consumption across sectors would need to peak by 2050 and fall substantially by 90% between 2050 and 2070.
- Green hydrogen could contribute 19% of the total energy needs of the industrial sector.
