Industries need systemic transformation to achieve net zero emissions: Prabodha Acharya

As Prabodha Acharya, JSW Group’s Chief Sustainability Officer, said on Wednesday, the key to achieving net zero emissions by 2070 is the transition to renewable energy, electrification and the implementation of deep decarbonization technologies.

He said achieving net zero emissions by 2070 would require a systemic transformation of the way industries operate, with a focus on sustainability, innovation and collaboration.

“Energy and process efficiency, transition to renewable energy, electrification, adoption of deep decarbonisation technologies, circular economy practices and logistics optimisation are key to achieving this goal. In addition, investment in innovation and R&D, stakeholder engagement and education, and collective action through policy advocacy and collaboration are key,” Acharya told Entrepreneur India.

The central government recently released data showing that the country has achieved its highest ever rate of coal utilisation in thermal power plants to generate electricity.

According to an official statement, thermal power plants (TPPs) had coal reserves of more than 45 million tonnes on June 16, up 32 percent compared to the same day last year.

Talking about the same, Acharya stated that the world over, and India in particular, will see a sharp increase in energy demand, accelerated by the demand for heating and cooling due to climate change, which we need to cope with.

“While thermal energy will continue to meet the baseload energy needs in the meantime, we need to look for alternative and new energy sources that are carbon-free, for example, while we are focused on increasing solar and wind energy, we have not yet explored the full role of hydrogen, specifically geological hydrogen and fission technology. I believe that all energy sources will play a role in meeting human needs and we will find alternative, clean sources to move away from thermal coal,” he added.

Unveiling JSW Group’s sustainability initiative, he said the company is supported by 70 per cent renewable energy with a capacity of 13.3 GW. In 2019, it was 70 per cent thermal energy.

As for JSW Steel, the company has an ambitious goal to run its iron and steel business using renewable energy by 2030, which requires around 10 GW of installed capacity.

“Most of these power requirements will be met by JSW Energy. JSW Steel has already entered into a Power Purchase Agreement for procurement of 958 MW of renewable energy in FY22. Out of the total 958 MW of renewable energy, 225 MW of solar capacity was commissioned at Vijayanagar in FY23 and the remaining 733 MW of wind power is expected to be commissioned in various power plant locations by FY25 in a phased manner,” Acharya said.

JSW’s plan to increase its capacity to 20 GW by fiscal year 2030 is in line with India’s renewable energy development strategy. Its current guaranteed generating capacity is 13.3 GW, of which 9.4 GW comes from renewable sources.

As it sets out to achieve carbon neutrality by 2050, the company has divided its decarbonization path into two phases. Phase 1 will begin in 2020 and end in 2030, while Phase 2 will cover the period from 2030 onwards.

Phase 1 represents the near-term horizon for achieving decarbonisation, where most of the decarbonisation technologies are not yet fully embedded in India. It acts as a foundation for further decarbonisation initiatives that will take place in Phase 2.

“The strategies implemented include energy and process efficiency, switching to renewable energy sources, using alternative fuel sources, ensuring better quality of raw materials and increasing the circularity of materials, as well as pilot projects for deep decarbonization technologies,” he said.

He added that Phase 2 represents the medium to long-term horizon, where a more focused transition towards carbon neutrality takes place and deep decarbonization is achieved. “In this phase, we will focus primarily on four technology paths – commercial deployment of green hydrogen for steel production, large-scale deployment of carbon capture, utilization and storage (CCUS), increased use of scrap-based EAFs, and the use of syngas and TGR in the blast furnace,” he added.

When we talk about sustainable development and net zero emissions, it becomes all the more important to mention SDG7, the 17 Sustainable Development Goals established by the UN General Assembly in 2015. However, a recent IEA report mentioned that despite some progress across all indicators, the current pace is not sufficient to achieve any of the SDG7 targets for 2030.

Speaking on the line, Acharya explained that the global electricity access gap has been steadily narrowing, with India contributing significantly to this improvement. On average, an additional 94 million people gained access to electricity each year between 2020 and 2022. The vast majority of these connections are from India, where the gap has fallen from around 49 million people without access in 2020 to just over 11 million in 2022.

In addition, the advancement in the use of modern renewable energy sources has been significant, with India being one of the main drivers of growth. This growth has been mainly due to the development of wind and solar PV, as well as a significant shift from traditional to modern use of biomass. Moreover, India’s biofuel support policy has doubled the use of renewable energy in transport between 2015 and 2021 in the country.

However, despite these efforts, much remains to be done to achieve Sustainable Development Goal 7.

“Collaborative efforts by government, industry, financial institutions and civil society will be crucial to ensuring that energy is affordable, reliable, sustainable and accessible to all. Further scaling up renewable energy – through public and private investment, as well as policy support to encourage adoption, is crucial,” he said.