Answer: India stands 4th globally in Renewable Energy Installed Capacity as per REN21 Renewables 2022 Global Status Report. To combat climate change as well as to fulfill the energy demands of 1.3 billion population of India, it is imperative to pursue transition to renewable energy from the current energy mix with 57% share of fossil fuels.

Need For Transitioning To Renewable Energy Sources

• Energy Security: Because of geopolitical tensions and supply chain disruptions, dependence on imported fossil fuels leave the countries in a vulnerable state. 
• For example, energy security was affected due to coal crisis when Indian Utilities struggled to secure coal supplies due to record global prices in 2021.

• Pollution: Burning of fossil fuel releases pollutants like SO2, NOx etc contributing to respiratory and heart diseases. 

• As per WHO report, globally , over 4 million deaths occur annualy due to outdoor air pollution.

• Combat Climate Change: Burning of fossil fuel accounts for nearly two-third of total GHG emissions globally. 

• IPCC report warns about global warming to be limited to 1.5°C above pre-industrial levels to avoid catastrophic impacts. 

Technological Advancements required

• Green hydrogen: It helps in storage and transportation of renewable energy while also decarbonising a range of sectors including transport, iron and steel etc. 

• Under, Green Hydrogen Mission, India aims to produce five million tonnes of green hydrogen by 2030 giving 125 GW of renewable energy capacity.

• Smart grids: These grids involves the usage of digital technologies to transport electricity from multiple generation sources to meet varying demands of end users. It will help in efficient transmission and lower power costs for consumers.

• Battery technology: Batteries helps in storage of renewable energy to tackle the issue of variable output by renewable energy sources. 

• Development of solid-state batteries for EVs as an alternative to Lithium batteries are needed as it makes them safer, more efficient, and more durable.

Policy innovations

• Policies on Green Transport: Schemes like FAME, Battery swapping policy , Green Urban Transport Scheme as well as ethanol blending programe will help in ensuring transition towards more energy efficient transportation systems.

• Green Energy Corridor: Aims at synchronizing the electricity produced from renewable resources, such as wind and solar, with the conventional power stations in the grid.

• Financing mechanism: In 2023 budget, the Indian government decided to invest $4.3 billion in green technology. However, as per RBI report, it will need new investments in the range of $7.2 trillion to $12.1 trillion by 2050. 

• Diversifying financing sources: Along with existing financing sources like Central PSUs, Banks and NBFCs, government should focus on financing from diverse sources like green bonds, the Adaptation Fund, Green Climate Fund etc. 
• In this regard, European Investment Bank (EIB) plans to invest about €1 billion in India's renewable energy sector. 
• Domestic Value chain production: Focus on unique selling proposition (USP) of states. It can be done with different states playing to their strengths. NITI Aayog and DHI can help the states in preparing the customised policies.
• For instance, if Orissa can become the hub for cell manufacturing, then west Bengal can target the battery assembly. Maharashtra can provide the IT related support for R&D for EV development.

The establishment of initiatives like the Global Biofuels Alliance, the International Solar Alliance (ISA), and the Green Development Pact are steps in the right direction to achieve net-zero emissions by 2070.