NITI Aayog Releases Study Report on ‘Carbon Capture to Achieve Net Zero Emission Target by 2070: A research report titled “Carbon Capture, Utilization, and Storage Policy Framework and its Deployment Mechanism in India” was published. The report explores the importance of Carbon Capture, Utilisation, and Storage as an emission reduction strategy to achieve deep decarbonization from the hard-to-abate sectors. The report outlines broad level policy interventions needed across various sectors for its application.
November 2022 Current Affairs Quiz
Need Of The Study:
India has updated its NDC targets for achieving 50% of its total installed capacity from non-fossil-based energy sources, 45% reduction in emission intensity by 2030 and taking steps towards achieving Net Zero by 2070, the role of Carbon Capture, Utilisation, and Storage (CCUS) becomes important as reduction strategy to achieve decarbonization from the hard-to abate sectors.
What The NITI Aayog Said:
“CCUS can enable the production of clean products while still utilizing our rich endowments of coal, reducing imports and thus leading to an Atmanirbhar Indian economy.” said Suman Bery, Vice Chairman, NITI Aayog. Implementation of CCUS technology certainly be an important step to decarbonise the hard-to-abate sector.
CCUS projects will also lead to a significant employment generationIt is estimated that 750 mtpa of carbon capture by 2050 will generate 8-10 million full-time equivalent (FTE) job opportunities in a phased manner. “India’s dependency on the fossil-based Energy Resources is likely to continue in future, hence CCUS policy in Indian Context is needed” said Dr. V.K Saraswat, Member, NITI Aayog.
What The Report Pointed:
The report indicates that CCUS can provide a wide variety of opportunities to convert the captured CO2 to different value-added products like green urea, food and beverage form application, building materials (concrete and aggregates), chemicals (methanol and ethanol), polymers (including bio-plastics) and enhanced oil recovery (EOR) with wide market opportunities in India, thus contributing substantially to a circular economy.