Energy crisis and how to combat it – Ratul Puri

Global warming and the energy crisis are two of the biggest crises of our time. With the growth of transportation and industry sectors, energy needs have skyrocketed dramatically over the last two centuries. Natural gas, coal, and other energy sources fail to adequately satisfy the world's energy needs, resulting in a global energy crunch. It is no surprise that the prices of natural gas across the globe have soared. The high energy costs have directly affected economic decisions throughout the supply chain, resulting in many companies in Europe and Asia shutting down due to being unable to cope with the high costs. As with the international prices, natural gas prices have reached all-time highs in India as well.

According to the Energy Information Administration (EIA), by 2050, global energy consumption will increase by nearly 50%. The IEA estimates that global investments in clean energy will need to triple to $4 trillion by 2030 to achieve net-zero emissions by 2050. As a result of the transition, economic growth will be boosted, and new jobs will be created.

 A study by Council on Energy, Environment and Water (CEEW), Natural Resources Defense Council (NRDC) and Skill Council for Green Jobs (SCGJ) foresee the growth of India's renewable energy sector. According to them, by 2030, a million people will be employed in the country, and most of these jobs will come from small-scale renewable energy projects.

 In the words of Ratul Puri, Chairman of Hindustan Power Projects, "Clean energy, green mobility, eco-friendly construction, climate-responsive urban design, afforestation, circular economy, electronics repair, low power electronics design, digitalization, climate law, carbon capture, and utilization are some of the ways that we should explore to ensure energy security and prevent global climate change."

 In order to achieve zero emissions, Ratul Puri believes that the digital sector should be our partner of choice. The global digital switch triggered by the pandemic has been crucial to continuity in contactless times. It is worth mentioning that the IT industry, which was growing at around 5% prior to the pandemic, is now growing at 8-9% due to acceleration in digital services. With the help of digital technologies, we are able to optimize resources, track progress on climate change, and reduce greenhouse gas emissions, paving the way for green production lines using additive manufacturing and digital twins. There is no doubt that a huge opportunity exists in the digital sector to reimagine new pathways for sustainable growth.

Further, the chairman of HPPPL, Ratul Puri, states that without embedding sustainability deeply into our mindset, in our work culture, right from the design stage of products, it will not lead to the kind of radical change needed to cause a major transformation in the sector.

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