India's CO2 Challenge
- India is the 3rd largest CO2 emitter globally, with emissions reaching 2.6 gigatonnes per annum.
- While the growth of renewable energy is noteworthy, hard-to-abate industries like steel, cement, and oil & gas remain significant contributors.
- Decarbonization requires innovative solutions like CCUS to complement renewable efforts.
- The Government of India has initiated various CCUS-focused policies and collaborations to achieve its net-zero target by 2070.
Key Highlights of CCUS in India
- Mission Innovation Challenge on CCUS: Near-zero CO2 emissions for power and industrial plants.
- Accelerating CCS Technologies (ACT): Cost-effective innovation in CCUS systems.
- Investments by Energy Leaders:
- Oil India Ltd: 25,000 crore in clean energy and CCUS by 2040.
- Indian Oil Corporation: Net-zero target by 2046 with significant CCUS initiatives.
- BPCL, ONGC, and HPCL: Focus on CCUS and low-carbon operations with defined goals by 2040-2046.
- Reliance Industries: To invest $10 billion over three years to develop new fuels business based on 100 GW of renewable power capacity by 2030.
- JSW Steel's aiming for net-zero emissions by 2050
