India’s quest for net zero carbon emissions: not credible by 2050?, Rajat Verma comments

To reach its 2050 net-zero carbon emissions goal, India might require an investment of up to $7 trillion, a target that appears more achievable by 2070, says Rajat Verma, Founder & CEO of battery recycling company LOHUM. Verma estimates that this transition necessitates an annual investment of approximately $300 billion, a significant increase from India’s current annual spending of $30-$40 billion on green initiatives.

“Given the current inflow into the green segment, we anticipate reaching these targets by 2070 rather than the aimed 2050,” he remarked.

One of the most pressing issues in this endeavour is the clear definition of what constitutes an ‘activity’ towards net zero. This lack of clarity hampers structured investments and dedicated efforts. Rajat stated, “We as a country have to very clearly define what is considered an activity towards net zero.”

He further stressed the need for a centralised approach and suggested, “I actually go a step further and say that we, as a country, should create a net zero ministry.”

“What is fuelling net zero? We’re talking about transitioning from internal combustion vehicles to electric vehicles, from coal-based thermal plants to renewable sources of power, such as solar and wind. The consistent theme across all these industries is metals,” Rajat emphasised.

Rajat emphasised the growing significance of metals like lithium and nickel in the journey towards achieving net-zero emissions. The need is not just for the use of these metals but for their circularity, ensuring that these resources are utilised in a sustainable and recyclable manner.

“Circularity has the ability to bring down the emissions by these metal-intensive sectors by almost 50 percent,” Rajat pointed out, underlining the potential that efficient resource management can bring to the table.

The firm places a strong emphasis on metals’ circularity and has made substantial investments in research and development to optimise recycling processes. LOHUM, with a central focus on metals like lithium, nickel, cobalt, aluminium, and copper, is committed to enabling a sustainable transition.

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