India has taken a significant step toward its climate goals and economic self-reliance with the launch of the Bharat Climate Forum.
The platform aims to unify stakeholders from policy, industry, finance, and research to drive cleantech manufacturing and sustainable economic growth.
A Strategic Collaboration for Innovation and Growth
Hosted by the Centre for Indigenous Economic Understanding (CIEU) and Dalberg Advisors, the Bharat Climate Forum is supported by key institutions, including the Ministry of New and Renewable Energy (MNRE), NITI Aayog, and the International Solar Alliance (ISA).
During the launch event, Ashwini Vaishnaw, the Hon’ble Minister for Railways, Communications, and Electronics & Information Technology, emphasized the alignment of the forum with India’s vision for economic sovereignty.
He remarked, “Atmanirbhar Bharat embodies India’s drive for technological leadership through innovation and collaboration, which the cleantech sector can adopt. Public-private partnerships will enable the development of world-class, competitive solutions”.
Pursuing Ambitious Climate Goals Amid Challenges
The forum comes at a critical time as India sets ambitious climate targets, including achieving net-zero emissions by 2070 and scaling up non-fossil fuel capacity to 500 GW by 2030.
While significant strides have been made in renewable energy, challenges such as dependence on imports for solar and wind infrastructure remain.
Addressing Challenges with a Robust Policy Framework
Ashwani Mahajan, National Co-Convener of Swadeshi Jagran Manch and Member-Secretary of the Bharat Climate Forum, highlighted the importance of a comprehensive manufacturing policy.
He stated, “India’s cleantech manufacturing sector can reduce import dependencies, stabilize energy transitions, and create millions of jobs. A strong policy framework is crucial for aligning economic growth with sustainability goals. By advancing technologies in solar, wind, and electric vehicles (EVs), India is reinforcing the ethos of self-reliance and taking bold steps to tackle the global climate crisis”.
Cleantech Manufacturing: A Driver of Economic Growth
The Bharat Climate Forum also focused on the immense economic potential of cleantech. Dalberg estimates suggest that by 2030, cleantech manufacturing could create a domestic market valued at $120-150 billion annually, generate export opportunities worth $40-45 billion, and create 50 million new jobs by 2070.
Jagjeet Singh Sareen, Partner at Dalberg Advisors and Member-Secretary of the forum, stressed the need for urgent action.
He said, “To achieve the 1.5-degree target, we must accelerate our efforts. Innovative financing mechanisms like green and impact bonds are crucial to raise capital efficiently, linking climate benefits with funding solutions.”
Strengthening the Cleantech Value Chain
In a significant move, the forum launched the Bharat Cleantech Manufacturing Platform, an initiative led by Piyush Goyal, Hon’ble Minister of Commerce.
The platform aims to strengthen India’s cleantech value chains, covering solar, wind, hydrogen, and battery storage sectors.
Additionally, the forum emphasized the need to localize supply chains, which could potentially save India nearly $2 trillion in imports by 2047, while reducing reliance on fossil fuels and external technologies.
Insightful Contributions from Distinguished Leaders
The forum’s inaugural event saw contributions from several prominent figures. Amitabh Kant, India’s G20 Sherpa, shared valuable insights on delivering cost-competitive cleantech solutions.
Other notable attendees included Sumant Sinha, Co-Chairperson of the Bharat Climate Forum and Founder & CEO of ReNew. Also present were Meenakshi Lekhi, Former Minister of State for External Affairs and Culture. Suresh Prabhu, Former G20 Sherpa and Cabinet Minister, was in attendance. Jayant Sinha, Former Minister of State for Finance, was also present.
A Call to Action for the Public and Private Sectors
The forum concluded with a call to action for both the public and private sectors. It urged greater investment in research and development. Additionally, it emphasized the need for a reduction in production costs and acceleration in the commercialization of new technologies.
As per the press release, the collective effort will be key to achieving India’s ambitious climate goals. It will also play a crucial role in advancing the country’s journey towards a sustainable future.
