Global leaders convene at G-STIC Conference to drive Energy Transition and Biodiversity Conservation
New Delhi, October 25, 2024: The second day of the 7th Global Sustainable Technology & Innovation Conference (G-STIC) convened global leaders to explore innovative solutions for achieving net-zero emissions and addressing biodiversity loss. The curated sessions highlighted the critical role of advanced technologies, market-driven mechanisms, and policy alignment in accelerating sustainable development.
Innovative solutions and strategic collaborations highlighted as essential for achieving net-zero emissions and safeguarding ecosystems in the face of climate challenges
During a session on ‘The role of energy mix planning and power grids to achieving net zero’, experts emphasised the importance of modernizing power grids and integrating diverse energy sources to meet climate targets. Adding to the discussion, Ajay Shankar, Distinguished Fellow, TERI, emphasised the importance of establishing effective policy frameworks to encourage private investments in energy transitions. He highlighted that while technical solutions are available, the key challenge lies in designing appropriate policy instruments or adjusting market dynamics to attract private investments in the right direction. Mr Shankar noted that the electricity sector, which has operated under legacy structures for over 150 years, must undergo a significant transformation to phase out carbon-emitting sources. He further pointed out challenges in grid management, transmission, and traditional distribution practices, stressing that market forces will only function efficiently if the right incentives are in place.
Dr Jasmina Lazić, Director of Renewable and Sustainable Energy at the Technology Innovation Institute, Abu Dhabi, emphasised the importance of developing an energy mix to facilitate the transition away from fossil fuels. Offering the UAE’s perspective, she noted, “Different countries and regions have different challenges and different solutions. One of the big challenges that we have in the UAE and in the Gulf, is that we are one of the regions in the world with the highest per capita carbon emissions. Across the world, economies are reliant on fossil fuels. To move away from fossil fuels to fully renewable and sustainable sources is not an overnight process. For that, we need to understand the energy systems of today and build the energy systems of tomorrow. This is why we need strategic energy mix planning.”
Mr AK Saxena, Senior Director, Electricity and Renewables, TERI, presented on ‘Decarbonisation of the Indian Power Sector: Mid-Century and Way Forward.’ His presentation highlighted that by 2050, solar and wind capacity upto 80-90% is plausible in India at 30-40% lower cost of generation plus storage, the non-fossil generation in the business-as-usual scenario could reach 76% and timebound deployment of energy storage will be essential to drive the renewable energy uptake. “For achieving net-zero, we must adopt a scenario-based approach for demand forecasting, while closely tracking the trajectory of renewable energy and storage costs. The goal is to reach a tipping point where reliable supply from these sources can replace the need for new thermal plants. We also need to realistically accelerate the building of nuclear capacity and ensure its life-cycle cost becomes comparable to that of renewables plus storage. At the same time, we must address challenges like job losses, reduced royalties to states, and explore mitigation through land repurposing and new economic activities. India’s advantage lies in its scale, which can unlock cost-effectiveness. However, new technologies need sustained support until they become viable. I firmly believe that the energy transition will happen much earlier than we currently anticipate,” said Mr Saxena.
Parallel discussions on biodiversity conservation stressed the importance of ecosystems in achieving the Sustainable Development Goals (SDGs). Dr JV Sharma, Senior Director, Land Resources, TERI, highlighted, “Biodiversity Conservation is not only the conservation of the plant and animals, but this is for the well-being of the human beings and in many ways, we are also be impacted by it. Biodiversity also critically impacts our health, safety and our livelihood.” “Biodiversity loss and ecosystem collapse is one of the top five risks in the World Economic Forum's 2020 Global Risks Report,” he further added.
Mr Vikash Kumar Singh, Executive Director, Carbon Check (India) Pvt Ltd, said, “If we cannot protect biodiversity and forest ecosystem, we will lose the world, the largest carbon pool. Since I work in the carbon domain, I believe it's imperative that we must conserve biodiversity and a forest ecosystem to conserve the largest carbon pool we have on the Earth.” Explaining more on the carbon and biodiversity credits, he added, “Biodiversity credits are similar to carbon credits, which is a kind of market-based mechanism that emerged from Rio declaration in 1992. Market based mechanism itself is a bit controversial because of the arguments that it gives one the license to pollute but on the contrary, I consider this a very important element, because, if there were a market for environmental services, it would work definitely.”
Both sessions underscored the critical need for multistakeholder partnerships, policy coherence, and market-driven solutions to accelerate progress. The speakers shared real-world examples that showcased how collaborative efforts across sectors can deliver transformative results, protecting natural ecosystems while addressing climate and development challenges.
The G-STIC conference continues to serve as a global platform for innovators, policymakers, and industry leaders to scale sustainable solutions aligned with the SDGs. With discussions on key themes like energy transitions and biodiversity conservation, the event fosters meaningful collaborations that pave the way for a more inclusive and sustainable future.