The energy problem and global warming are two of today’s most pressing challenges. Because of the rise of the transportation and industrial sectors over the last two centuries, energy consumption has skyrocketed. The inability of natural gas, coal, and other energy sources to adequately fulfil global energy demands has resulted in a global energy shortfall. It is scarcely unexpected that natural gas prices have skyrocketed all across the world. The high cost of energy has a direct influence on economic decisions made across the supply chain, resulting in the closure of numerous enterprises in Europe and Asia that could not afford the high costs. Natural gas prices in India have also reached all-time highs, in keeping with worldwide trends.
The Energy Information Administration (EIA) predicts that by 2050, there will be an almost 50% rise in worldwide energy use. According to the IEA, in order to attain net-zero emissions by 2050, worldwide investments in renewable energy must quadruple to $4 trillion by 2030. The change will stimulate economic growth and result in the creation of new employment.
“We should explore several avenues to maintain energy security and prevent global climate change, like clean energy and green mobility, eco-friendly construction, climate-responsive urban design, afforestation, circular economy, electronics repair, low power electronics, digitalization, climate law, and carbon capture and utilization,” said Ratul Puri, Hindustan Power Projects chairman.
Ratul Puri believes that we should work together with the technology industry to achieve zero emissions. The pandemic’s worldwide digital transition was critical to survival in the age of contactless technology. It is worth noting that the IT industry, which was growing at a pace of roughly 5% before the pandemic, is currently growing at a rate of 8-9% due to the acceleration of digital services. Digital technology allows for resource optimization, measuring the development of climate change, and lowering greenhouse gas emissions, paving the way for additive manufacturing and digital twin-based green production lines. Without a doubt, the digital sector has enormous potential for rethinking whole new paths for long-term development.
Ratul Puri, chairman of HPPPL, adds that radical change is required to bring about a big transformation in the sector, but it will not happen unless we deeply embed sustainability into our mentality and work culture, beginning with product design.