By Kakali Mukhopadhyay, McGill University, Montreal

Abstract 

In the recently held COP29 event in Baku, one of the key takeaways that received mutual consensus among 200 countries was the urgency of developing equitable national climate plans and transitioning away from fossil fuels to remain on track to achieve 1.5°C global warming. This process has been ongoing over the past decade, aligned with the SDGs 7 and 13. India has made several efforts toward sectoral decarbonization strategies such as achieving 500 GW renewable energy capacity by 2030, 20% ethanol blending by 2025 and 30% share of EV sales by 2030. Results indicate that solar and wind energy have minimal economy-wide contribution, while the solid waste generation in the end-of-life phase has the potential to recycle, reuse and reinstall solar and wind capacity, through the circular economy framework. The transition to EVs and E20 blended petrol in the transport sector has a positive macroeconomic impact due to its strong backward linkages. Addressing climate change involves immediate to mid-term financial expenses associated with technology transfers, development programs, and local manufacturing initiatives, among other factors. However, in the long run, the nation is expected to reap the benefits of alternative decarbonization pathways that will serve as a blueprint for countries in the 'Global South' region which are undergoing a similar energy transition trajectory.