Page 54 - Policy Economic Report - September 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Furthermore, over 48 GW of fully or partially integrated solar PV module manufacturing projects are
currently under implementation under the solar PLI scheme. Once completed, these projects will attract
an investment of approximately Rs. 1.1 lakh crores and create direct employment for around 45,000
people. The solar PLI scheme will also bring cutting-edge solar PV module manufacturing technology to
India, reducing the country's dependence on imports. With the solar PLI scheme and the Government's
supportive policy framework, India is projected to achieve 100 GW per year of solar module production
capacity by 2026, which will not only satisfy domestic demand but also contribute to earning foreign
exchange through exports.

Union Environment Minister Sh. Bhupender Yadav Addresses Plenary Session on India's Pathway to
Net-Zero Emissions in Re-Invest Summit 2024

Union Minister for Environment, Forest and Climate Change, Sh. Bhupender Yadav addressed the Plenary
Session on India's Pathway to Net-Zero Emissions in Re-Invest Summit 2024 at Mahatma Mandir
Gandhinagar, Gujarat in the presence of Union Minister for New and Renewal Energy Sh. Pralhad Joshi.
Three-day Summit was inaugurated by Prime Minister, Sh. Narendra Modi on September 16 at Mahatma
Mandir, Gandhinagar in Gujarat.

Addressing the summit, Sh. Bhupender Yadav said, “the path of Sustainability has to be chosen for
conservation of ecosystem, biodiversity, development of society and for best utilization of human
resources. To ensure sustainability, a proper technological and management system has to be created for
the world through policy, technological intervention and capacity building”. Countries should develop
action plans that prioritize equity, ensuring that health, justice, and prosperity are available to everyone.
This approach will promote social equity and facilitate inclusive, sustainable economic growth while
safeguarding natural resources for future generations, he further added.

Union Minister Sh. Yadav highlighted that India represents 17% of the world's population but only
accounts for 5% of global emissions. In comparison, 17% of the population in developed countries
contributes to 60% of emissions. India’s per capita consumption remains low and the energy needs of
developing countries must be considered. India has made significant progress in reducing carbon
emissions, despite facing challenges such as its diverse geography, he further said.

Sh. Bhupender Yadav stated that under Prime Minister Sh. Narendra Modi's leadership, India is the only
G20 country to have achieved two out of three quantitative Nationally Determined Contributions (NDCs)
targets of the Paris Agreement nine years ahead of schedule. India has taken climate action for
development growth and to achieve human development outcomes.

He said that the Ideas for life under the Mission LiFE of the ministry have been identified in the first 100
days of the government namely, Save Water, Save Energy, Reduce Waste, Reduce E-Waste, Say No to
Single-Use Plastics, Adopt Sustainable Food Systems, and Adopt Healthy Lifestyles.

Union Minister said that Private sector engagement would hold the key for achieving the Net Zero
ambition by 2070 by strengthening renewable grids, developing low carbon technology, and managing

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