Climate change initiatives must combat existing issues and prevent future climate problems. One worrying issue is that it is not enough to look at the alleviation of future climate damage; we also need to look at ways to fix the damage that has already occurred, as well as look at the economic viability of options so that there will be a strong incentive for businesses to switch from petrochemical sources to alternatives. Fortunately, the investment in climate-related technologies has significantly increased in recent years. Various funds and organizations are focusing on climate technology development and investing in high-impact and deep-tech solutions, including AI[1].
In India, events such as India Energy Week are bringing people together to collaborate on resolving these issues. For example, the Indian government and startups are leveraging Artificial Intelligence to tackle climate change. According to a BloombergNEF report, climate-tech companies focused on climate-tech innovation raised $165 billion in 2021 across private and public markets[2]. This substantial investment indicates the growing interest in using AI and other technologies to address climate challenges in India.
It is also a matter of urgency for the people of India, as people struggle with the impact of drought and floods. IThis is particularly concerning as it impacts the poorest people. Artificial Intelligence is one way forward to tackling the issues of climate change. For example, India is also using AI to enhance weather forecasting and climate modelling. The Indian government is testing AI-powered climate models to improve weather forecasts across the country[3]. Therefore, we note that this is high on the agenda for India, given the opportunities for enterprise [4] and the need to solve problems that impact people directly[5].
As we wrap up @IndiaEnergyWeek, progress has been made in tackling existing emissions and future-proofing renewable and alternate energy sources. Announced at India Energy Week 2024, ONGC signed a Cooperation Agreement with TotalEnergies to carry out methane emissions detection and measurement campaigns[6]. The agreement will focus on using TotalEnergies’ pioneer AUSEA technology (Airborne Ultralight Spectrometer for Environmental Applications). As part of the India Energy Week event, ONGC emphasized its dedication to the environment by declaring its intention to reach Net Zero in 15 years, in 2038.
It is a complex balancing act to meet India’s growing demand for petrochemical products while minimizing environmental impact. There is also a need to clean up, tackle past and current emissions, and avert further issues.
To summarise, India Energy Week highlights the complexities and the urgency of working together to achieve Net Zero and put the Energy Transition in place.
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