NITI Aayog, IEA launch special report on sustainable recovery post Coronavirus

Against the backdrop of the ongoing COVID-19 crisis, International Energy Agency (IEA), in collaboration with NITI Aayog, presented a ‘Special Report on Sustainable Recovery’. Part of IEA’s flagship World Energy Outlook series, the report proposes a number of actions that could be taken over the next three years to revitalize economies and boost employment while making energy systems cleaner and more resilient.

The report was virtually launched by IEA Executive Director Dr. Fatih Birol and NITI Aayog CEO Amitabh Kant, in the presence of Commerce Minister Piyush Goyal on. IEA Chief Energy Modeller Laura Cozzi presented the key findings, and Chief Economic Adviser Krishnamurthy Subramanian was also present during the launch.  

Congratulating the IEA, Goyal said this is the right time to move forward and prepare ourselves for a resilient and sustainable future, as rightly pointed out in the report. He mentioned that the current crisis should be used as an opportunity to make energy transitions smoother, faster, more resilient and affordable. He added that to this end, Indian Railways is committed and confident for 100% electrification by December 2023 and becoming a net-zero emitter by 2030.

READ | India To Have 220 GW Renewable Energy Capacity By 2022: PM Modi

READ | 5 Indian Petroleum PSUs To Join Int'l Solar Alliance For Clean Energy Transition: Pradhan

'More ambitious towards clean investments'

As governments around the world respond to COVID-19, the IEA’s report, prepared in cooperation with IMF, details energy-focused policies and investments that could help boost economic growth, create jobs, and put emissions into structural decline while making energy systems lower-cost, secure and resilient.

"Post the 2008–09 financial crisis, green measures accounted for around 16% of the total stimulus measures. To recover from the pandemic, we must be even more ambitious and decisive towards clean investments. Given that need, IEA’s Sustainable Recovery Plan has a very useful role in guiding governments, businesses, technologists and other key decision-makers. NITI Aayog has been championing sustainable initiatives since its inception. The SDG indices, Electric Mobility Mission, ACC battery scheme and our leadership in methanol economy initiatives, stand testament to NITI Aayog’s commitment to the sustainable causes," said CEO Amitabh Kant.

Meanwhile, Subramanian discussed India’s economic situation and the path to recovery and mentioned that the pandemic has highlighted the role of sustainable economic development and India is at the forefront of this effort. 

The report mentions key sectors for creating jobs: electricity, transportation, buildings, industry, and sustainable biofuels and innovations. A combination of policy actions and targeted investments will offer huge benefits to the economy and generate jobs. However, the measures highlighted in the report remain the sovereign choice of the country.

READ | Centre Launches Green Term Ahead Market For Renewable Energy Sector

READ | Indian Power And Energy Corporations Fight COVID-19 With Drones And Giant Fog Cannons