G20 countries must boost investment by $35 trillion to reach net-zero, study finds In NEW DELHI: According to a McKinsey research, the G20 economies would need to spend an additional $35 trillion this decade in order to stay on track for net zero greenhouse gas emissions by 2050. "G20 economies have reduced emissions in a noticeable way in recent years, but to meet the deadline for achieving net zero, CO2 emissions must still decline by approximately 50% by 2030 compared to levels in 2020. To successfully restructure the world's energy and land use systems, a significant portion of the investment needed for the transition to a low-emissions economy would need to be invested upfront, according to analysts at the management consulting firm. In conjunction with the B20 meeting, the report was made public. In order to put that into perspective, the G20 economies must cut their annual CO2 emissions by roughly half by the end of this decade, from about 31 gigatons today. Germany has the biggest reduction needs among high income countries, whereas China and some Latin American nations have the highest requirements for emissions reduction among upper middle income nations. Experts believe that business-led solutions can help eliminate some of the net zero gaps by providing a sizeable fraction of the funding needed to achieve sustainability targets. According to analysts, societies would need to take into account increased public-private commitment and collaboration, new incentives, and even more audacious innovation possibilities. “Market responses to new incentives for net zero occur when subsidies or other forms of public supportcrowd in more private spending, as could regulatory and policy changes. For example, government grants and concessions, or funding from state-owned enterprises and development finance institutions could help improve the risk and return profiles of investments. Greater public support could also further accelerate technology learning, resulting in avoided spending towards the net zero investment gap,” they said. Additionally, new high-growth prospects in a variety of industries, including healthcare and renewables, can provide long-term economic growth that advances sustainability and inclusion goals.

Finance Minister launches HSBC India’s initiatives for green hydrogen innovation

The Indian Institute of Technology (IIT) Bombay and the Shakti Sustainable Energy Foundation (SSEF) have formed a strategic relationship with HSBC India to advance green hydrogen innovation. The efficiency, cost-effectiveness, and scalability of green hydrogen are being improved through these partnerships, which are supported by a grant of Rs 15 crore.

The collaboration intends to advance green hydrogen as a tactical alternative fuel and achieve India’s goal of being an energy-independent country.

“Green hydrogen has a pivotal role to play as we counter climate change and work towards enabling a low-carbon and self-reliant economy. We’re aiming to make India a global hub for the production, utilization, and export of green hydrogen. I welcome the efforts and partnership of HSBC India, IIT Bombay, and SSEF in addressing the challenges in this segment and working on solutions to make green hydrogen scalable and commercially feasible,” said Finance Minister Nirmala Sitharaman at the launch.

The partnership with IIT Bombay seeks to advance green hydrogen technology by bringing together scientists, researchers, and students from several IITs. The main issues pertaining to the generation, storage, use, and transportation of green hydrogen are the focus of this endeavor.

“Sustainability is a key element of our business, operations, and community investments. We’re delighted to work at the grassroots level as well as with institutions like IIT Bombay and SSEF to foster ideas that will make green hydrogen scalable and commercially feasible,” said Hitendra Dave, CEO, of HSBC India.

Additionally, the collaboration with SSEF focuses on particular Indian states to promote green hydrogen applications in industrial clusters. Through the evaluation of financial, technological, and legislative options, this partnership is expected to significantly increase the effect of green hydrogen in a variety of industries. In short, HSBC’s strategic alliances are poised to hasten India’s transition to a sustainable energy system by simultaneously supporting innovation and sustainability.

What is Net Zero and why it is important for the Indian Economy?

India’s Roadmap to Net Zero

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