Incentives and Opportunities for Decarbonization of Indian Industries

India has set an ambitious target to achieve net-zero emissions by 2070, with an interim goal of installing 500 GW of non-fossil fuel-based renewable energy (RE) capacity by 2030. Additionally, by 2030, India aims to reduce the emissions intensity of its GDP by 45% compared to 2005 levels, as part of its nationally determined contributions (NDCs) under the Paris Agreement. The central government has demonstrated its clear intent in meeting these targets through progressive programs such as PM Surya Ghar: Muft Bijli Yojana and PM KUSUM Yojana. The first aims to bring renewables to the rural residential sector, while the second aims to solarize the farming sector. Both are likely to significantly contribute towards India's Net Zero journey. However, the industrial sector, which largely drives the country's development story, still lacks targeted initiatives to reduce their emissions. The government has announced national-level fuel transition initiatives such as the National Green Hydrogen Mission. There is a critical need to accelerate steps towards decarbonization of hard-to-abate sectors so that they reduce emissions and in due time are ready to transition to alternative fuels. Industries like steel, cement and aluminium require special attention and those like textiles, which have higher employment and increased ‘human-centric factors’, necessitate deeper thinking about the effects of decarbonization on employment. We at Swaniti Global are convening a roundtable of expert stakeholders from government, industry, academia, and civil society to explore actionable pathways for accelerating industrial decarbonization, with a particular focus on high-impact sectors such as textiles, steel, and cement.