India’s energy transition: pathways for low-carbon economy
The transition to a low carbon economy heralds an economic and social transformation that is exciting as well as challenging. The challenges that face India include: enhancing economic opportunities and living standards for a growing population and addressing the environmental threats. In this backdrop, if India is to realize its development goals. the path towards a low-carbon economy is inevitable. Approaching a low-carbon economy is of critical importance as the country evolves its economic development model, adjusts its economic structure, enhances its technological innovation capabilities and strengthens the sustainability of its economy. Using a ''bottom up'' policy framework for low-carbon growth based on national preferences, possibilities and policies the present study develops a model with two scenarios. One is business-as-usual reference case (BAU) and the other is low-carbon (LC) scenario. Discuss the financing mechanisms and key policy issues. The low-carbon scenario is characterized by increased use of renewables through solar, wind, geothermal, biomass and hydro, which will reduce fossil fuel demand. Also, use of efficient and clean end-use devices in all the sectors will multiply savings. The analysis shows that economy-wide reductions of the order of 30-35% appear to be technically feasible at reasonable costs, relative to the baseline scenario.