COP28: It is relevant to remember that we are the world's third largest primary energy consumer; our per capita electricity consumption of 1250 kWh is still less than one-third of the global average and less than one-seventh of the developed world, Adani said
In the midst of deliberations at the 28th UN Climate Change Conference (COP28) in Dubai, billionaire Gautam Adani emphasised the importance of a balanced approach that considers energy costs and availability while advancing green ambitions. Despite 118 governments pledging to triple the world's renewable energy capacity by 2030, a consensus on reducing the share of fossil fuels in global energy production remains elusive.
Adani, head of the coal-to-edible oil conglomerate, highlighted India's unique position as the world's third-largest primary energy consumer, with a per capita electricity consumption significantly below the global average. With a population of 1.4 billion, India faces the challenge of balancing energy costs, availability, and green objectives while surpassing its UNFCCC commitment to reduce emissions intensity by 45 percent from the 2005 level by 2030.
"The fastest-growing economy must balance its energy cost, energy availability, and green energy objectives while continuing to accelerate its massive green ambitions," Adani asserted. The Adani Group, committing to invest USD 75 billion by 2030, plays a pivotal role in achieving emission intensity reduction.
However, India's stance on coal presents a hurdle in achieving global climate targets. The Intergovernmental Panel on Climate Change advocates a drastic reduction in fossil fuel use, including the complete phasing out of unabated coal, to limit global warming to 1.5 degrees Celsius by 2050. India, relying on coal for 73 percent of its current electricity, resists an abrupt shift due to concerns about increased electricity costs and potential supply shortages.
The share of coal-fired electricity in India's power mix is projected to rise to 77 percent by 2025, subsequently decreasing to 71 percent in 2030 and 52 percent in 2050 as renewable power gains traction. An overnight transition away from coal, the most affordable feedstock in India, poses challenges, including elevated electricity bills and supply constraints, given the insufficient availability of alternative fuels like natural gas or nuclear power.