The Reserve Bank of India reports that fossil fuels' dominance in India's electricity generation will end by the decade's close. Renewable energy is expected to surpass 50% globally. The RBI emphasizes the need for tripling renewable investments to meet net-zero targets and highlights the importance of addressing sectors like steelmaking and aviation.
Dominance of fossil fuels in electricity generation in India will end by the end of the decade said Reserve Bank of India in its latest report.
The report also noted that the renewable energy is expected to cross 50 per cent share in electricity generation globally.
It added that the energy transition has accelerated in recent years, with the pace of clean technology deployment and capital investment surging to record levels.
"The era of fossil fuels' dominance is coming to an end, with renewables expected to cross 50 per cent share of electricity generation globally by the end of this decade" said RBI . It added that the rise of cleaner power generation offers a valuable window to address "hard-to-abate" sectors such as steelmaking and aviation, where low-carbon alternatives are still in their nascent stages.
The central bank also highlighted that the importance of increasing investments in low-carbon energy . Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Basics of Generative AI : Unveiling Tomorrow's Innovations By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Web Development A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Office Productivity Mastering Microsoft Office: Word, Excel, PowerPoint, and 365 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Marketing Digital marketing - Wordpress Website Development By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert View Program Web Development Mastering Full Stack Development: From Frontend to Backend Excellence By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Finance Financial Literacy i.e Lets Crack the Billionaire Code By - CA Rahul Gupta, CA with 10+ years of domain experience, trainer View Program Leadership Business Storytelling Masterclass By - Ameen Haque, Founder of Storywallahs View Program Marketing Future of Marketing & Branding Masterclass By - Dr. David Aaker, Professor Emeritus at the Haas School of Business, UC Berkeley, Author | Speaker | Thought Leader | Branding Consultant View Program HR Human Potential and the Future of Employment By - Lynda Gratton, Prof.
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A tripling of renewable energy capacity by 2030 is seen as essential to meeting net-zero emission targets by mid-century.
"On the energy supply side, for every US dollar that goes to fossil fuels, an average of USD 3 needs to be invested in low-carbon energy over the remainder of the decade" RBI said.
The RBI highlighted that a fully decarbonized global energy system by 2050 will come at an estimated cost of USD 215 trillion, the report projects.
However, the report remains optimistic about the ongoing efforts in greening the financial sector, stressing that finding the right balance between public policy interventions and market-based competition will be key to achieving this ambitious energy transition.
The central bank also noted that financial inclusion has seen significant improvement as the world continues to advance toward a more sustainable energy future.
(ANI)