“India’s energy emissions rose at 8.2 per cent on-year in 2014 highest in the world, driven by a double-digit growth in demand for coal, as power consumption increased in line with the rapid 7.4 per cent growth in GDP,” the report said.
Global emissions rose just 0.5 per cent, albeit on a much lower world GDP growth of 3.3 per cent, it added.
“The country’s carbon intensity grew 0.7 per cent, as renewable energy adoption remained slow. However, its share in the energy mix remained unchanged at 7 per cent, despite high growth in coal-fired power generation,” PwC said.
It further said, the country’s carbon intensity, despite rising in 2014, is about half that of China, and is still less than the global average.
Ahead of the climate change summit in Paris later this month, India has pledged to curb its greenhouse gas emissions by up to 35 per cent from the 2005 level.
In its Intended Nationally Determined Contribution (INDC) submitted to the United Nations Framework Convention on Climate Change (UNFCCC) in October, India announced that it aims at achieving around 40 per cent cumulative electric power installed capacity from non-fossil-fuel-based energy resources by 2030.
India said that it would need, as per preliminary estimates, around $206 billion between 2015 and 2030 for implementing adaptation actions in agriculture, forestry, fisheries infrastructure, water resources and ecosystems.
“India’s Intended Nationally Determined Contribution (INDC) unveiled ambitious 2030 plan. There is a strong focus on renewable energy, energy efficiency, smart cities and stringent emission standards for coal fired power plants among others,” PwC India Executive Director Sustainability Arvind Sharma said.
“With this ambitious plan which cuts across thematic areas ranging from mitigation to adaptation, we believe that India is in a good position to access low cost finance and clean technology,” he added.
These observations are part of PwC’s seventh annual Low Carbon Economy Index which models major economies’ carbon intensity.
PwC in its report said, “India has taken several steps to control emissions and carbon intensity, including stringent emission standards, nationwide energy conservation programme, a recent four-fold increase in carbon tax, establishing smart cities, and building additional forest cover.”
Being the fourth largest emitter and expected to be the world’s fastest growing major economy, the country’s carbon intensity management will play an important role in determining world’s ability to limit the global temperature rise to two degree Celsius by the year 2100, it said.