New Delhi, Jan 11 (NationPress) India achieved a notable milestone in its pursuit of climate objectives and economic independence with the unveiling of the Bharat Climate Forum on Friday.
This national platform is dedicated to bringing together stakeholders from policy, industry, finance, and research to accelerate the growth of cleantech manufacturing in India, aiming to foster sustainable economic development and innovation.
Facilitated by the Centre for Indigenous Economic Understanding (CIEU) and Dalberg Advisors, the Bharat Climate Forum receives support from the Ministry of New and Renewable Energy (MNRE), NITI Aayog, and the International Solar Alliance (ISA).
During the launch, Minister for Railways Ashwini Vaishnaw stated: "Atmanirbhar Bharat symbolizes India’s pursuit of economic autonomy and technological excellence through innovation and collaboration. Our 4G-5G telecom framework exemplifies this ethos, which the cleantech sector can embrace, leveraging public-private partnerships to deliver world-class, competitive solutions. I express my gratitude to the Bharat Climate Forum organizers for underscoring India’s commitment to cleantech innovation for a sustainable future."
The forum is launched at a critical juncture when India is striving for ambitious climate aspirations, including achieving net-zero emissions by 2070 and increasing non-fossil fuel capacity to 500 GW by 2030.
Despite advancements in renewable energy, challenges like dependence on imports for solar and wind infrastructure remain.
Ashwani Mahajan, National Co-Convener of Swadeshi Jagran Manch and Member-Secretary of the Bharat Climate Forum, underlined the necessity for a comprehensive manufacturing policy to tackle these issues.
"India's cleantech manufacturing sector possesses tremendous potential to diminish import dependencies, stabilize energy transitions, and create millions of jobs. A robust policy framework is essential to ensure that economic growth aligns with sustainability objectives. By advancing solar, wind, and EV technologies, India is boldly committing to Atmanirbhar Bharat, reinforcing the spirit of self-reliance and crafting a pathway to confront the climate crisis for the global good," he remarked.
The forum also highlighted the economic prospects within the cleantech sector.
By 2030, estimates from Dalberg suggest that cleantech manufacturing could generate a domestic market valued at $120-150 billion annually, alongside creating export opportunities of $40-45 billion and generating 50 million new jobs by 2070.
Jagjeet Singh Sareen, Partner at Global Climate Practice of Dalberg Advisors and Member-Secretary of the Bharat Climate Forum, stated: "To meet the 1.5-degree target, we must urgently accelerate our efforts. Innovative financing solutions, such as green bonds and impact bonds, are needed to efficiently raise capital while linking climate benefits to funding mechanisms."
"Moreover, localizing the supply chain could save nearly $2 trillion in imports by 2047, thereby reducing India's dependence on fossil fuels and foreign technologies. Through the Bharat Climate Forum, we aspire to advance these vital discussions."
The inaugural event also marked the launch of the Bharat Cleantech Manufacturing Platform by Minister of Commerce Piyush Goyal, an initiative aimed at fortifying India's clean tech value chains across solar, wind, hydrogen, and battery storage.
