Focus: GS III: Indian Economy
Why in News?
NITI Aayog unveiled the latest version of the India Energy Security Scenarios (IESS) 2047 V3.0, an open-source tool designed to evaluate the integrated impact of various green energy policies of the Government of India.
Key Features and Functionality of IESS 2047 V3.0:
- Assesses energy demand and supply in India, considering policies related to alternative energy resources like Green Hydrogen Mission, Renewable Purchase Obligations, PM-KUSUM, and Offshore wind strategy.
- Analyzes emissions, cost, land, and water requirements up to 2047 to steer India towards a sustainable and net-zero energy future.
- Open-source, easily downloadable, and user-friendly, encouraging accessibility and engagement from researchers, think tanks, and the public.
- Allows users to generate personalized pathways tailored to specific factors like industry, services, agriculture, population, urbanization, and end-use energy demand.
- Helps reduce India’s reliance on external agencies by providing reliable estimates of the country’s energy needs.
India’s Panchamrit Goal:
- Reach 500 gigawatts (GW) of non-fossil energy capacity by 2030.
- Meet 50% of India’s energy requirement from renewable energy (RE) sources by 2030.
- Reduce the carbon intensity of the economy by 45% below 2005 levels by 2030.
- Reduce total projected carbon emissions by 1 billion tonnes by 2030.
- Achieve the target of net-zero emissions by 2070.