Will India Lead the Blue Economy Revolution? 

Discovering the immense potential of India's coastline and its role in the blue economy. 

Will India Lead the Blue Economy Revolution?

The tranquil expanse of the ocean, in all its vastness, has been my muse. Memories of a younger me, captivated by Jacques Cousteau's marine documentaries, play like a cherished film reel in my mind. That enchantment gave birth to a purpose: to champion ocean conservation. Yet, can one entity or nation truly ignite change? Amidst these reflections, my thoughts drift to India and its pivotal role in the emerging Blue Economy narrative. Understanding the Blue Economy For many, the Blue Economy might seem like yet another jargon. However, at its heart, it is a call to protect our oceans - the guardians of our climate and biodiversity. Just as the Green Economy battles deforestation, the Blue Economy fights for our oceans. It's worth noting that our oceans are not just bodies of water, but critical contributors to our global economy, encompassing vast sectors ranging from shipping to tourism. The Blue Beat Group and My Personal Odyssey Leading the Blue Beat Group, our mission stretches across various domains: <ol><li class="ql-align-justify">OrcaNation seeks to enlighten individuals on the intricate web binding marine life and terrestrial existence.</li><li class="ql-align-justify">The Reef Company envisions artificial reefs on an unprecedented scale, offsetting habitat degradation and enhancing carbon capture.</li><li class="ql-align-justify">BluBoxx stands as our technological eye on the ocean, providing real-time marine data.</li><li class="ql-align-justify">Narwhal is our humble effort to incubate marine conservation startups.</li></ol> India’s Maritime PotentialAs I delve deeper, it's evident that India, with its impressive coastline and emerging economy, isn't just a participant in the Blue Economy; it's potentially its torchbearer. If the subcontinent, with its deep-rooted history, champions marine innovations, the global ramifications could be ground-breaking. Yet, to fully comprehend India's oceanic aspirations, one cannot overlook Prime Minister Narendra Modi's recent vision, articulated at the Global Maritime India Summit 2023 in Mumbai. Navigating PM Modi's Maritime Vision Historically, trade routes like the Silk Road have been game-changers. Drawing from this legacy, PM Modi, during his address, sketched out a <a href="https://www.pmindia.gov.in/en/news_updates/pms-address-at-the-global-maritime-india-summit-2023/?comment=disable" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(0, 0, 0);">roadmap for a maritime blue economy</a> stretching till 2047. More than just an economic proposition, he envisaged a global maritime framework rooted in efficiency, sustainability, and innovation. A pivotal element of this vision is the 'India-Middle East-Europe Economic Corridor', poised to be a 21st-century maritime Silk Road. Augmenting this are infrastructural wonders like mega ports and inland waterways. A striking example is the state-of-the-art terminal at Tuna Tekra in Gujarat, which, with its ability to handle massive vessels, stands as a cornerstone for the envisioned corridor. Celebrating Achievements, Aiming for the Horizon India's maritime milestones over the past decade are commendable. Be it the doubling of major port capacities or the significant reduction in vessel turnaround time, India's progress is palpable. Moreover, with endeavours like ship leasing taking root in GIFT City, Gujarat, PM Modi's dream of India emerging as a leading ship-building nation is gradually materializing. Yet, this futuristic voyage also pays homage to India's maritime past, exemplified by the upcoming National Maritime Heritage Museum in Lothal, Gujarat. Setting Sail Towards a Promising Future With aspirations soaring high, India seems poised to revolutionize maritime trade and lead the Blue Economy movement. Projects like the Sagarmala Project further underline India's maritime commitment. As the tides of time roll on, with the India-Middle East-Europe Economic Corridor at its core, India is gearing up to pen an inspiring maritime saga. To conclude, the ocean, with all its mysteries, beckons nations to act. The Blue Economy, although nascent, offers boundless opportunities. As I reflect on India's maritime strides and PM Modi's ambitious vision, my belief stands reaffirmed: the journey towards preserving our oceans, with nations like India at the forefront, is not just a possibility, but a promising reality.

A Great Leap Towards Sustainability and Cultural Renaissance

Setting a global example, India makes rapid strides towards a sustainable and culturally enriched future

Introduction:India stands at the crossroads of tradition and modernity, charting a course towards environmental sustainability and cultural renewal. From the green coastline of Tamil Nadu to Gujarat's innovative energy landscape, and the cultural beacon of Ram Mandir, India's diverse regions illuminate the path to progress. Amidst the complexities of the global stage, India's initiatives and collaborations with Europe emerge as vital forces for sustainable growth and cultural exchange. This exploration delves into the heart of India's efforts, showcasing a nation poised for a brighter, greener future. Tamil Nadu: Pioneering Environmental GuardianshipTamil Nadu is at the forefront of environmental guardianship, championing the Coastal Mission to preserve its breathtaking landscapes. By revitalising mangrove forests and introducing climate-resilient agricultural practices, the state not only combats climate change but also empowers its communities. Its partnership with European entities through the Indo-European Strategic Dialogue enhances global environmental efforts, setting a standard for international cooperation on sustainability. Gujarat: A Vanguard of Renewable EnergyGujarat's blend of cultural vibrancy and entrepreneurial spirit propels its leadership in renewable energy. The state's initiatives, such as the ambitious green projects in Khavda by Adani, exemplify the harmonious blend of innovation and environmental stewardship. As a burgeoning centre for solar and wind energy, Gujarat showcases the potential of renewable resources in driving economic rejuvenation. Collaborative ventures with European partners underscore the critical role of Indo-European alliances in fostering green growth and technological exchange. Ram Mandir: Emblem of Cultural Awakening and UnityThe Ram Mandir's inauguration in Ayodhya signifies a monumental chapter in India's cultural revival and unity. More than a religious landmark, the temple epitomises India's rich historical tapestry and collective identity. It draws pilgrims nationwide, symbolising harmony and inclusivity. The Indo-European Cultural Exchange Program further enriches this cultural renaissance, promoting mutual respect and understanding between diverse traditions, strengthening India-Europe cultural bonds. India-Europe Relations: A Partnership for Sustainable FutureThe synergy between India and Europe is a cornerstone for sustainable cooperation and global solidarity. Through economic collaborations and cultural exchanges, both regions envision a future marked by sustainability and inclusiveness. The International Centre for Sustainability in London acts as a hub for innovative dialogue, joint research, and cultural exchanges, paving the way for mutual growth and a sustainable global community. Challenges and Opportunities: The Road AheadIndia's journey is not without its hurdles. Geopolitical tensions, regulatory hurdles, and socioeconomic disparities present significant challenges. Yet, these obstacles also offer opportunities for innovation and collaboration. By embracing dialogue, fostering trust, and seeking collaborative solutions, India and its global partners can navigate these challenges, unlocking new prospects for cooperation. Conclusion:India's stride towards sustainability and cultural renaissance reflects its resilience and dynamism. From Tamil Nadu's environmental stewardship to Gujarat's renewable energy innovations and Ram Mandir's cultural resurgence, India's regional diversity fuels its journey forward. In partnership with Europe and the world, India is poised to tackle contemporary challenges, driving towards a sustainable, inclusive future. As we draw inspiration from India's journey, let us all contribute to this global endeavour, shaping a better world for future generations.

<a href="https://www.business-standard.com/india-news/pm-modi-announces-rs-20-trn-blueprint-for-improving-maritime-infra-by-2047-123101700425_1.html" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">Goal Setting</a>: PM Modi announced a target of utilising investments worth Rs 80 trillion over the next 25 years to make the Blue Economy vision a reality<a href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1969169" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">Investment Attraction</a>: India secured over Rs 10 lakh crores of investments within three days of the unveiling of the Maritime Amritkaal Vision 2047<a href="https://www.business-standard.com/budget/news/budget-2024-what-is-blue-economy-2-0-announced-to-boost-aquaculture-124020100977_1.html" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">Budget Ready</a>: India’s Budget 2024-25 lines announced ‘Blue Economy 2.0’ to improve aquaculture ecosystem and economic growth

India Sails to Global Maritime Prominence

Looking at diverse aspects of India’s Maritime vision set to pivot its rise globally

Daniel Stein is an Assistant Professor at O.P. Jindal Global University and a Maritime Law expert. Speaking with IndusLens, he discusses India's Long-term Blue Economy Blueprint, growing maritime economy and focus on security.&nbsp; Q. How crucial and timely was the Global Maritime Summit and Blue Economy Blueprint launch for India? At the Global Maritime India Summit in Mumbai, in October 2023, Prime Minister Narendra Modi unveiled a visionary blueprint for India’s blue economy. This comprehensive strategy, aligned with the development of the India Middle-East Europe Economic Corridor (IMEEC), could create a viable alternative to the Suez Canal and improve the global trade ecosystem. And years ago, <a href="https://www.theguardian.com/world/2022/sep/01/suez-canal-ship-stuck-blocked-again-affinity-v" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">a blockade in the Suez Canal</a> disrupted global trade for weeks, highlighting the critical need for a robust port system and alternative maritime routes to reduce reliance on the precarious Suez Canal, ensuring India and other nations have safer, more dependable trade channels. This initiative comes timely amid geopolitical tensions in the Middle East and neighbouring sea regions and the urgent need for resilient trade channels. The work on this blueprint and the IMEEC corridor will remove a lot of friction in trade and transportation between India, the Middle East, and Europe. The complexity of the economic aspect of maritime trade arises from the recognition that even though India's production is high, a significant part of it needs to go towards supporting the Indian population and economy. Therefore, as a rising exporting nation, India must identify which products it can export without affecting its domestic supply. Ports’ infrastructure and shortening routes will streamline transportation processes, especially for food products. However, as a rising exporter, India will need to find an economical balance between keeping enough stock of goods for itself and exporting.&nbsp; Q. How is India looking at transforming maritime along with sustainability? A notable aspect of the blueprint is its commitment to sustainability. Much like for the electric vehicle transition, charging stations need to be developed simultaneously with the rolling out of electric vehicles, for creating sustainable maritime infrastructure, a support system for transitioning ships needs to be developed in conjunction with the development of these ports. Since the International Maritime Organisation has been working on ensuring that each port has appropriate support systems for ships, India, looking to expand its role in the international shipping space, could look to IMO. A bigger challenge for India would be transforming hundreds of thousands of smaller fishing vessels. For good reasons, economic and social, fishers receive subsidies on the diesel required to run their fishing vessels which provides them with food and livelihood. Scaling up initiatives like <a href="https://www.thehindu.com/news/national/kerala/kerala-fisheries-department-sets-sights-on-shift-from-kerosene-boats-to-sustainable-alternatives/article66218777.ece" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">Kerala's programme</a> to outfit older fishing vessels with newer engines that were sustainable alternatives could be a good starting point. Upgrading small fishing vessels, right from small coastal communities, is required and it will pay off significant environmental dividends for India. Q. Is prioritising Gujarat ports and developing new and advanced ports a good strategic decision? Having lived in Delhi, I have observed that a large Indian population lives in landlocked areas. Relying solely on the ports of Mumbai, Chennai, Calcutta, and Vishakhapatnam is no longer a feasible option for advancing Indian cities like Delhi, Gurgaon, and Noida, and states like Uttar Pradesh that are far from these ports. The Gujarat port can be a potential solution. Connecting Haryana, UP, Delhi manufacturing, and production industry with Gujarat instead of the further port of Calcutta could be a huge benefit. The development of a deep draft all-weather terminal at the Deendayal Port Authority in Gujarat will increase its capacity to become an international gateway for North India's industrial capacity. Utilising a town's potential and willingness to build will help India become an economy dealing with foreign products and foreign markets, and it would also take a lot of pressure off Indian metro cities. The Indian government's plan to create the development around trade and ports is a smart bet. Q. How vital is the inclusion of inland water transportation development in the blueprint?&nbsp; The inclusion of inland water transportation can significantly shape a new and exciting maritime commerce in India. It could also help to get trucks off the roads, reducing carbon emissions, and improving road safety and traffic. The Rhine River in Europe is a good example of how river transportation can bring prosperity to cities. Many cities across the world that are located along rivers have increased their capacity through river-based industries, trade, and transport. If India can ensure minimal emissions while moving up and down its <a href="https://shipmin.gov.in/division/iwt-1" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">extensive inland waterways system</a>, it can have a big impact on traffic and emission numbers. Even if India can develop its inland waterways from 6 to 12% by 2047, as mentioned in the blueprint, it will make a significant impact on the domestic transport system. Q. Can India become a top shipbuilding nation, merging innovation with sustainable recycling? Until the 1960s, 70s, and 80s, shipbreaking and shipbuilding were essentially the same process. However, when they were decoupled, it became possible to do shipbreaking at a cheaper rate in India and other South Asian nations. Gujarat already has 12 kilometres of shipbreaking yards and is planning to <a href="https://www.thehindu.com/news/national/other-states/ship-breaking-capacity-at-gujarats-alang-to-be-doubled-sarbananda-sonowal/article65882597.ece" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">expand</a> it.&nbsp; Since the shipbreaking ports in India already have the engineering capacity to deal with the ships and their parts, they could very well repurpose parts from shipbreaking for shipbuilding, as was done earlier. When a ship's life ends at 30, 40, or 50 years, many materials, like steel, could be repurposed to build a new ship, as they do not go bad. By building on the already present resources and space, India has the potential to become one of the top five nations in shipbuilding. Q. What's your assessment of India's advancements in maritime security? As an environmentalist, my primary concern for ocean security lies in the issue of overfishing and illegal, unreported, and unregulated (IUU) fishing. When foreign fleets come into the Indian Ocean and engage in activities such as overfishing, lying about their catch, and performing transshipments, it becomes a national security concern. This problem largely went unnoticed until a Chinese ship got caught in a storm and had to dock at an Indian port, which opened India’s eyes to this rising issue. In recent years, India has partnered with the Navies of the United States and Australia to reduce IUU fishing. Addressing this problem helps to maintain a healthy ocean ecosystem, which is beneficial not just for the environment but also for the fishers of resident nations. A High Seas Treaty has been ratified and is currently waiting for enough signatures to come into force. It will establish rules and regulations around economic and research activities on the high seas, which will transform the way we use the ocean and be critical in preserving the ocean's ecosystem and its resources for future generations. India has taken an active role in maritime national security, particularly in defence over the last decade. At the G20 summit hosted by India in 2023, the nation prioritised becoming a leader for the global south and seeking collaboration with Eastern African countries and smaller Pacific island nations to enhance maritime security. India's foreign policies and geography make it a crucial part of the Indian Ocean region. India's ability to offer capacity building for other nations in the region, its first-hand understanding of the area's concerns, and the trust it receives from other nations has positioned it well to lead and transform maritime security in the Indian Ocean and Indo-Pacific. Note: The responses have been summarised and edited from the interview. The article will soon be updated to feature the interview video.

<a href="https://www.bain.com/insights/electric-vehicles-are-poised-to-create-a-$100-billion-opportunity-in-india-by-2030/#:~:text=The%20Indian%20electric%20vehicle%20%28EV%29%20market%20is%20expected,PVs%20being%20sold%20in%20India%20annually%20by%202030." rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">Report</a>: Electric vehicles are poised to create a $100B+ opportunity in India by 2030&nbsp;<a href="https://www.investindia.gov.in/team-india-blogs/governments-ev-policies-driving-indias-green-revolution" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">Government Policy</a>: GST on electric vehicles was reduced from 12 to 5% and GST on EV chargers and charging stations has been reduced from 18 to 5%<a href="https://www.investindia.gov.in/sector/automobile/electric-mobility" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">Why invest?</a> EV segment's volumes set to cross annual sales of 16 Mn units by 2030.&nbsp;<a href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1909085" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">Growing numbers</a>: Between Jan 1, 2023 and March 15, 2023, India reported registration of 2,56,980 electric vehicles.&nbsp;<a href="https://www.investindia.gov.in/sector/auto-components" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">Manufacturing</a>: India is set to manufacture 5 Lakh EV three wheelers, at least 55,000 EV four wheelers and 7000 EV buses by 2024.

Charging Ahead in the Green Energy Race

From E-Rickshaws to Electric Cars: Exploring India's Green Vehicle Transformation and Growing EV Market

India's strides towards championing the Global South's advancement are drawing global focus, with an emphasis on economic upliftment and climate crisis. Central to this pursuit is India's drive towards electric vehicles (EVs), a critical move in reducing emissions and achieving its ambitious 2070 net-zero goal. This transition marks a significant shift from fossil fuels to EVs, not just reducing greenhouse gases but also curbing ozone-depleting emissions. India's commitment to EVs is more than an environmental gesture; it's a step towards renewable energy on a grand scale, cementing its role as a frontrunner in global environmental conservation. India's Unique EV Market: Beyond CarsIn India, the electric vehicle (EV) landscape diverges from Western trends, with two and three-wheelers dominating the market, adding complexity to the adaptation and manufacturing of EVs. The two-wheeler segment, <a href="https://www.statista.com/statistics/608392/automobile-industry-domestic-sales-trends-india/" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">leading in sales</a>, began its electric journey with low-speed models and is now advancing towards higher quality, high-speed electric two-wheelers. The <a href="https://economictimes.indiatimes.com/industry/renewables/electric-two-wheeler-sales-in-india-rise-over-two-and-half-fold-to-846976-units-in-fy23-smev/articleshow/99381363.cms" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">2022-23 period</a> saw a substantial 160% increase in electric two-wheeler sales, hitting 846,976 units, of which 726,976 were high-speed models. Three-wheelers, widely used for urban transportation of people and goods, are also joining the electric revolution. Over half of all three-wheeler registrations in India in 2022 were electric, driven by lower life-cycle costs and government incentives. While a large portion of these are e-rickshaws, there's untapped potential in electric auto-rickshaws, crucial for sustainable urban development. India also faces challenges in ensuring passenger safety and proper licensing in this rapid electrification process. The electric car segment in India, led by key players like Tata and Mahindra, is experiencing growth despite price barriers. Affordable models like the Tata Tiago are essential for broader market penetration. The electric car market in India, along with Thailand and Indonesia, saw <a href="https://www.iea.org/reports/global-ev-outlook-2023/executive-summary" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">significant growth</a> in 2022, with collective sales tripling compared to the previous year. India's push in EV manufacturing is bolstered by a USD 3.2 billion government incentive program, attracting investments of USD 8.3 billion, as highlighted in the Global EV Outlook Report 2023. This comprehensive approach underscores India's commitment to transitioning towards a more sustainable and electric future in transportation. Infrastructure Development: Charging AheadAs the world's<a href="https://www.pm-review.com/india-becomes-worlds-third-largest-auto-market/#:~:text=India%20has%20reportedly%20became%20the%20world%E2%80%99s%20third-largest%20automotive,sits%20behind%20the%20USA%20%28second%29%20and%20China%20%28first%29." rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);"> third-largest automotive market</a>, with vehicle sales reaching approximately 4.25 million units in 2022, India is poised to set a global example in transitioning to emission-free vehicles. The nation's automotive original equipment manufacturers (OEMs) and component manufacturers are already well-integrated into the global ecosystem, opening pathways for research, development, and innovation in the industry. In terms of infrastructure development, the focus, as it should,&nbsp;is on simultaneously manufacturing vehicles and establishing charging stations. This dual approach tackles the classic 'chicken and egg' dilemma in EV adoption, creating a symbiotic growth of EVs and charging infrastructure. The Indian auto component industry's <a href="https://www.investindia.gov.in/sector/auto-components" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">record turnover</a> of $69.7 billion in 2022-23, expected to reach $200 billion by 2026, presents a substantial opportunity for India to enhance its manufacturing capabilities, following the lead of companies like TATA Motors, Mahindra Electric, and Okinawa. Public EV charging infrastructure is gradually expanding, particularly in major cities. Despite the cautious approach due to the current modest share of EVs in the fleet, progressive policies like New Delhi's recent aggregator policy are driving change. This policy mandates a significant percentage of new vehicle fleets to be electric, phased in over a few years, incentivizing charging infrastructure development and boosting EV fleet numbers. State-level EV charging tariffs and incentive schemes lay the groundwork for large-scale EV adoption. Innovative local incentives, like shopping points for mall visitors charging their EVs, encourage personal EV use. Additionally, India's building code, mandating 20% EV charging space in new residential constructions, addresses potential buyers' concerns about charging availability. The success of affordable EV models like the MG Comet in India demonstrates consumer willingness to embrace EVs that meet their requirements. The challenge lies in fostering a market environment that encourages innovation and technology development, tailored to the unique needs of Indian consumers. A strong regulatory push on the supply side, coupled with clear consumer benefits, is key to transforming India's EV market. Startups, Innovations, and market growthStartups are pivotal in enhancing India's electric vehicle (EV) landscape through their dynamic innovation and speed. Indian startups like Aether, Alti Green, and Log9 are leading the way with their development of cost-effective retrofit kits and advanced battery technologies. The Indian government has significantly contributed to nurturing a conducive environment for these startups, offering tax incentives, a variety of schemes, and extensive outreach programs. However, the real game-changer will be a supportive regulatory framework that boosts investment, diminishes market uncertainties, and paves the way for startup growth and innovation. There's a vast potential in India's non-metropolitan areas, especially with the rising popularity of e-rickshaws in tier two and tier three cities that the governments have started to look into. These areas present a ripe opportunity for the widespread adoption of EV solutions, along with a collaboration between startups, established industry leaders, and policymakers.&nbsp; Strategic Policies: Shaping the EV MarketIndia is on a fast track to revolutionise its EV sector, aiming for substantial market penetration by 2030. Supported by its dynamic demographic, skilled workforce, expanding market size, and emerging status as a manufacturing hub influenced by global geopolitical shifts, India's EV sector is poised for remarkable growth. The government's EV30@30 campaign aims to ensure that 30% of new vehicle sales are electric by 2030, a goal supported by projections from Bain &amp; Co., which estimate electric two-wheelers to account for 40-45% of all EVs sold in India by 2030, with electric passenger vehicles making up 15-20%. However, India's vision extends even further. Niti Aayog's report sets an even higher bar, targeting 40% adoption for buses, 30% for private cars, 70% for commercial vehicles, and 80% for two-wheelers within the same timeframe. The Economic Survey of India 2023 <a href="https://www.india-briefing.com/news/indias-prospects-as-an-ev-hub-consumer-market-and-production-capacity-30157.html/" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">predicts</a> a robust 49% compound annual growth rate in the domestic EV market from 2022 to 2030, anticipating annual sales of 10 million units by 2030. This explosive growth is expected to generate around 50 million direct and indirect job opportunities over the next seven years. In its pursuit of self-reliance, the Indian government is championing the 'Make in India' initiative to achieve 100% local EV production. With the industry still in its nascent stage, there lies a golden opportunity for industry leaders to collaboratively forge a comprehensive growth strategy. Taiwanese manufacturer Foxconn's recent announcement to establish a two-wheeler EV production line in India underscores the country's growing global attraction in the EV market. This concerted effort is set to establish India as a leading global hub for EV manufacturing, leveraging its skilled workforce and vast market potential to become a frontrunner in the global EV industry.

<a href="https://yourstory.com/2023/11/indian-startups-break-funding-records-in-2022-says-avaana-capital" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">Favourites for funding</a>: According to Anjali Bansal, the Founding Partner of Avaana Capital, startups dedicated to combating climate change in India secured $2.2 billion in funding.&nbsp;<a href="https://timesofindia.indiatimes.com/india/climate-finance-technology-extremely-essential-to-fulfil-aspirations-of-global-south-pm-modi/articleshow/105660470.cms" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">Key to Action</a>: At COP 28 held in Dubai, Indian Prime Minister Modi emphasises the importance of climate tech for the global south and its strive in climate action.<a href="https://www.asiaone.com/business/green-gold-india-and-southeast-asias-climate-tech-sector-projected-hit-350-billion-2030" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204); background-color: transparent;">Hopes and Projections</a>: A recent report by Golden Gate Ventures stated that India and Southeast Asia's Climate Tech Sector Projected to Hit $350 Billion by 2030.

 Tech Meets Climate to Pioneer Solutions

Delving into India's bold climate strides and unlocking climate tech's promise.

Globally, we're faced with an existential crisis in the form of climate change. We've been aware of it for many decades, but we're finally seeing more focus on the part of entrepreneurs, investors and the private sector. Five years ago, even in Cambridge, one wouldn't see founders highlighting the climate credentials of their startups. Even if the point was to focus on climate, they would downplay that element and focus on other aspects, like data science, or analytics. Whereas now, we’re seeing more and more businesses emerging that explicitly focus on climate action in countries like the US, the UK, India, and others.&nbsp; This surge in climate tech innovation in India, and across the world is aided by greater recognition of the urgency of climate change and growing enthusiasm for climate action amongst the youth in particular.&nbsp; What we're seeing is that large companies, like Infosys, Tata, and NTPC, are starting to take the issue more seriously, but we need to see innovation from both large and small companies, because that is what drives an economy and they have different roles to play. Startups are crucial for Indian economic growth. As we shift away from a fossil-based economy to a cleaner and ultimately, net zero economy, we need innovation from small as well as large firms to help drive economic growth.&nbsp; At the moment, there's significant enthusiasm among venture capitalists for climate tech. The only slight danger for the economy is that venture capital tends to go in waves. So the biggest challenge for India and other countries will be to sustain investment and growth in climate tech in not just the next three or four years, but in the coming decades.&nbsp; What will drive future commitments to climate action? If you look globally, and then in India, where youth make up a larger portion of the population, they have been a big driver of climate action. For instance, one can look at Fridays for Future, the global movement for climate action led by Greta Thunberg. More broadly, in terms of the attitudes of consumers, the aspirations of younger consumers with regard to the motor vehicles that they want, or their lifestyles being more environmentally conscious or climate considerate, is part of what is driving both firms and the government to take action.&nbsp; The critical part of turning public concern into action is that progress won't happen without government policies and direction. India's 2070 goal of net zero emissions in the context of an emerging economy is an enormous challenge and will need commensurate policies to meet that goal. The fact that the government finds this issue important leading to credible policies will hopefully translate into support for greater investment in climate action.&nbsp; It's also critical that the best of our universities, like Cambridge or the IITs of our world, take the lead. They have our smartest young people and the best scientists and engineers, who will make a difference by coming up with important innovations. What we can hope is that like ten or twenty years ago when the focus was on tech, telecoms and other sectors, the scientists and engineers will increasingly focus on climate change and related tech. The hope is that the best universities across the world embrace and lead the shifting focus.&nbsp; One of the ways to promote innovation is via competitions. These contests or prizes at university level for a better electric car or aircraft won't solve any problem by itself, but it does create a buzz, excitement, engagement amongst younger scientists or students, and also motivate them to work in this space. We are starting to see more of that now. More younger people, whether they are undergraduates, or in their masters programmes, are growing to embrace this issue. They will be the ones who will ultimately make a difference on the climate problem.&nbsp; When one thinks about the net zero emissions target, in climate tech, some kinds of solutions are more appropriate for heavy industries, like in steel production, and for others, small, local level solutions are ideal to work with, like in waste. So, arguably, for challenges like waste, there is greater opportunity for startups and smaller companies to make a big dent. India and many other countries have started to make progress in waste management, but part of the problem is that there is no single overarching solution. Such sectors will require multiple smaller-scale or tailored solutions.&nbsp; So tech startups have the opportunity to look for and work on issues that have not received much policy attention. That's where startups do best - coming up with new and creative ideas to deal with issues often neglected. Sometimes the startup is based around a new technology, sometimes a large part of the solution is understanding the context of a challenge and hence the potential solutions. And, by that logic, countries in the global south facing similar challenges as India, can become an obvious market opportunity for startups with emerging climate tech solutions. The presence of a global race to come up with solutions can drive greater investment in the sector. A big part of leading in that competition would involve anticipating problems and challenges and coming up with solutions in advance.&nbsp; Another opportunity is in road transport.&nbsp; In the USA, Europe, and even China, the focus for electric mobility is primarily on four-wheelers. Arguably, there is opportunity for India and the global South in the two- and three-wheeler market for electric vehicles (EVs), because of the greater role of two and three wheelers in the region. Arguably, this becomes an important area for India to focus on both domestically and to meet the larger market in the global South. Two and three-wheelers are also one of the most polluting vehicles, making it even more important to replace them with EVs. Getting the population on board with replacing inefficient combustion engine vehicles with EVs is critical, so it is helpful having public support tied to addressing not only the global problem of climate change but also the local problem of air pollution.&nbsp; Another policy that can help spur climate action is trading in CO2 emissions, which is all about driving down emissions across the entire economy. Carbon trading would not only provide an opportunity for emission reduction but also an opportunity for financial services with respect to the carbon market. It will also efficiently incentivise emission reduction. This will also lead to greater attention to carbon accounting, measurement, and other technical details. And if we get those right, it will assist in enabling the energy transition at a reduced cost.

Pioneering the Planet's Sustainable Crusade

Harnessing Green Finance and Nature-Based Solutions Will Enable India to Emerge as a Global Role Model in Climate Mitigation and Economic Resilience

The World Economic Forum, in its annual Global Risk Report, featured the environmental crisis in six of the top ten global risks over the coming decade. The 2018 Kerala floods resulted in losses of $4.25 billion, while other events like the 2017 Bihar floods, Cyclone Vardah in 2016, and the 2015 Chennai floods had equally significant financial impacts. These incidents provide only a hint of the potential GDP losses linked to climate-related disasters to come.&nbsp; Meanwhile, within a global fight against climate change, India has emerged as a front-runner with its commitment to the Paris Climate Agreement. The country has set ambitious targets for renewable energy, aiming to reach 450 gigawatts of renewable energy capacity by 2030 and has&nbsp; launched the National Action Plan on Climate Change (NAPCC). The Climate Vulnerable Forum has since identified India as one of the few large economies on track to meet its own climate commitments.&nbsp; The real impact of the climate crisis felt across the continent, matched by the government’s real ambition to meet the challenge of the climate crisis, has put India at the forefront of climate action. But, with projections indicating that India's temperature could increase by 2.7°C by the year 2099, the fight has only just begun.&nbsp; The World Economic Forum has estimated the world will need to close a $4.1 trillion finance gap in nature by 2050, if it wants to meet its environmental ambitions. The Reserve Bank of India has highlighted that bridging the finance gap in addressing the nature and climate crisis would require an allocation of about 2.5% of India’s annual GDP towards green finance. To address climate action effectively, India's Nationally Determined Contribution estimates a requirement of approximately $170 billion per year, while achieving the target of net-zero emissions by 2070 would necessitate a cumulative investment of $10 trillion, as predicted by the Expert Committee on Sustainable Finance of the International Financial Services Centres Authority.&nbsp; This gap calls for a strategic, innovative approach to tackling the climate crisis.&nbsp; Globally, this approach has come in the form of green finance mechanisms. Green finance refers to financial investments flowing into sustainable development projects, and includes mechanisms such as green bonds, which are designated bonds for funding environmentally friendly projects, and green loans, which are loans for eco-friendly projects with potentially lower interest rates. Additionally, carbon trading schemes, where companies can buy or sell government-granted carbon emissions allowances, and investment funds focused on sustainable practices, also form part of green finance.&nbsp; By directing capital towards projects that have a positive impact on the environment, green finance will play a crucial role in driving the transition to a low-carbon, sustainable economy.&nbsp; India’s Energy Conservation (Amendment) Bill﻿ has already provided the foundation for a domestic carbon market, with the Central Government’s Bureau of Energy Efficiency draft blueprint on its national carbon markets﻿ and the introduction of a Carbon Credit Trading Scheme (CCTS) in 2023 quickly building a comprehensive framework for green finance.&nbsp; Meanwhile, the Securities and Exchange Board of India (SEBI) has introduced an ESG category for mutual funds, allowing asset management companies in India to launch multiple ESG funds. This move, enhancing reporting rigour and transparency, is expected to boost investor confidence in green financing. Effectively utilised, green finance will catalyse India's transition to a low-carbon economy, aligning economic growth with environmental sustainability and climate mitigation goals.&nbsp; The potential presented by green finance heralds a new era of climate action. But it also provides an opportunity to bring to the forefront the missing link in tackling the climate crisis: nature-based solutions.&nbsp; Nature-Based Solutions, found in reforestation, wetland restoration, or sustainable agriculture, offer an all-encompassing approach that not only mitigates climate change but actively restores the natural environment. Nature-Based Solutions can act as natural buffers against disasters like floods and droughts, while simultaneously sequestering carbon, preserving water resources, and protecting habitats. Despite this, Nature-Based Solutions have not received adequate attention or investment compared to technological solutions.&nbsp; The diverse ecosystems across the Indian continent exemplify the crucial link between the climate and nature crisis. The melting of Himalayan glaciers, a consequence of global warming, poses a threat to the water security of millions, affecting agriculture and biodiversity. Rising sea levels and increased cyclonic activity erode coastlines and disrupt marine ecosystems, while altered monsoon patterns lead to habitat loss and reduced agricultural diversity. These changes exacerbate biodiversity loss and disrupt the ecological balance, highlighting the need for integrated solutions to address both climate change and biodiversity loss for a sustainable future in India. This necessitates climate-proofing India's economy as it aims to expand to a $5 trillion economy by 2024, with nature-based solutions being a feasible approach for resilient growth. Investment in nature-based solutions offers a promising avenue to address both the nature and climate crises, as evidenced by the growing interest of Indian cities like Kochi and Hyderabad, participants in the global Cities4Forests initiative. These cities recognize the extensive benefits natural ecosystems provide in terms of climate change mitigation, food security, water supply, and biodiversity enhancement. The public sector can enhance investment in nature by integrating natural capital and ecosystem services into asset management and infrastructure solutions. The Zero Budget Natural Farming initiative in Andhra Pradesh exemplifies this approach, focusing on agroecology practices and healthy soil. Remarkably, the project has led to increased crop yields, reduced farming costs, and enhanced soil biodiversity, improving livelihoods and economic well-being. Such strategies underscore the importance of considering natural assets within a nation’s economic framework.&nbsp; To meet the finance gap left by public investment, a successful carbon finance market for nature recovery will require overcoming challenges where investment risks in nature currently outweigh the returns. Addressing issues like property rights, risk management, and investment structuring is crucial to attract investment. The government's role in setting clear strategies, eliminating policy silos, and developing technical standards and methodologies is vital. This includes facilitating capacity building and business case development for nature-based solutions, leveraging private sector finance, and establishing clear investment pathways. Addressing these needs is key to harnessing nature-based solutions for addressing the interlinked nature and climate crises. If India can align the climate crisis, the nature crisis, and a streamlined green finance mechanism to address both, it will continue to lead the way in the coming era of climate action. If we can figure it out in India – one of the most economically, politically, geographically, ecologically, and culturally diverse countries in the world – we can figure it out anywhere.&nbsp; *Note: All $ in $US

 Riding the Wave of a Green Energy Era

Source : https://balkangreenenergynews.com/india-launches-30-gw-hybrid-solar-wind-power-project/

Strategizing economic growth and global leadership in the age of renewable revolution.

India, a nation of over a billion people, has consistently showcased remarkable economic resilience. Recently, it has made headlines by surpassing the UK's economy, positioning itself as the fifth-largest globally with a GDP standing tall at $3.1 trillion. Post-independence, India labored for six decades to celebrate its first trillion-dollar economy. However, with accelerated economic reforms and globalization, the subsequent trillion was achieved in a mere 7 years. By 2019, another trillion was added, highlighting India's exponential growth. The Centre for Economics and Business Research (CEBR) 2022 report further forecasts that India might ascend to the third-largest economy by 2029. If this trajectory is maintained, India could be adding an average of one trillion dollars to its GDP every two years over the next decade and a half. As an advisor to global enterprises, the monumental shifts in the energy sector, especially in India, has always been of paramount interest. This sector, which powers our world, stands at a crucial juncture, balancing pressing challenges like climate change and socio-economic disparities. India's energy landscape is transformative. A nation's energy policy isn't just about power generation; it’s an emblem of its ambition, vision, and societal advancement. With India’s net-zero ambition, an estimated investment potential of $12.7 trillion is not just about monetary growth. It represents a paradigm shift to electrify off-grid homes and improve the quality of life for its citizens. Strategic Vision and Innovation Any transformative journey necessitates a strategic vision. For India, a nation characterized by its diverse demographic and topographic tapestry, this vision serves as a compass guiding its myriad energy endeavours. The emphasis is on harmonizing optimization with innovation, enhancing operational efficacy, and integrating diverse energy generation modalities like hydro, nuclear, or wind. Collaboration, both national and international, emerges as the linchpin, spurring innovative solutions and strengthening India's energy prowess. India's Global Commitment: G20 Summit &amp; Climate Leadership 2023 marked a monumental year for India as it hosted the G20 Summit. In this unique position, India underscored its commitment to sustainable energy solutions and robust climate action. The world is grappling with an energy crisis, exacerbated by geopolitical disruptions like Russia's invasion of Ukraine. Consequently, the G20 agenda emphasized a swift transition to zero-carbon energy. India's commitment is not just in words. The nation has made remarkable progress in its transition to clean energy, setting itself as an example for sustainable practices. Under the G20 presidency, India spotlighted its achievements, while also launching initiatives like the Green Hydrogen Innovation Centre and the Global Biofuel Alliance.&nbsp; These endeavours aim at promoting sustainable fuels, offering cleaner energy alternatives, and potentially boosting employment. Furthermore, with subsequent G20 presidencies being held by developing nations like Brazil and South Africa, India's role becomes quintessential in representing the Global South. This entails championing technology transfers, climate finance, and capacity-building that align with the needs of developing nations. The B20 task force has been pivotal, stressing the importance of global cooperation and fostering sustainability through adaptable regulatory and financial frameworks. Setting the Stage for COP28 The discussions and outcomes of the G20 Summit will cast their shadows on the subsequent COP28 conference in UAE. Here, India will be at the forefront, not only showcasing its achievements but also pressing developed nations to honour their climate commitments. India's Energy Roadmap: Opportunities and Challenges India's progressive steps in the energy sector, such as the integration of 53 gigawatts of solar and wind energy between 2018 to 2022, are commendable. These steps, however, are foundational blocks for its mammoth goal to produce around 3000 gigawatts from renewables by 2050, aiming to derive 80% of its electricity from renewable sources by mid-century. The Road Ahead India's energy mosaic is intricate. It's likely that coal-powered plants may coexist with renewable sources till around 2070. The challenge and opportunity lie in synergizing the existing with the new. Crafting an energy blueprint that is durable and economically efficient will be paramount. Potential avenues, such as the role of hydrogen in India's energy mix, beckon attention, especially given global interest in this domain. As India emerges as a pivotal economic and energy titan, its journey, peppered with challenges, holds promise and excitement. The nation stands at the cusp of influencing global policies and steering the world towards a sustainable future. Through collaboration, innovation, and strategic vision, India is not just scripting its story but is also playing a pivotal role in shaping the world's energy and economic narrative.

Will-India-Lead-the-Blue-Economy-Revolution

Ahead of COP29 in Baku, Azerbaijan, global experts highlight India's implementation of pragmatic global energy transition initiatives and inclusive climate action.