By Anvesha Thakker, Partner and Lead – Renewable Energy, KPMG in India and Global Co-Lead (KPMG IMPACT) – Climate Change and Decarbonisation
The latest report by an intergovernmental panel on climate change (IPCC), has been termed as a “code red for humanity”. 1 The report clearly warns of the unprecedented and irreversible change in climate, calling for the world to take significant and urgent mitigating steps to salvage the situation by reducing emissions of carbon dioxide and other greenhouse gases.
As per the International Energy Agency (IEA)2, the energy sector, which contributes more than 75 per cent of global emissions, holds the key to tackling climate change, thus, making decarbonisation of energy system the top-most priority for most countries and stakeholders.
Considering a net-zero energy system would require profound transformation in energy production and its usage across sectors. Critical levers for achieving this transformation include demand-side measures such as energy efficiency, resource efficiency/circularity and behavioural change, as well as supply-side solutions such as electrification, clean fuels like renewables, hydrogen, bio- fuels and technologies such as carbon capture utilisation and storage.
Amongst these, a few technologies are considered as game changers.