The United Nations Climate Change Conference (COP 28) took place in Dubai, United Arab Emirates, in early December 2023.
In Simple terms, the COP is where the world comes together to agree on ways to address the climate crisis, such as limiting global temperature rise to 1.5 degrees Celsius, helping vulnerable communities adapt to the effects of climate change, and achieving net-zero emissions by 2050.
The UN Framework Convention on Climate Change (UNFCCC) member states, as well as nearly 70,000 individuals, attended COP 28 from November 30 to December 12, 2023.
Around 200 nations agreed to transition away from fossil fuels in energy systems, signaling the “beginning of the end” of the fossil fuel era. with the primary goal of maintaining the global temperature limit of 1.5°C to stay on pace with the Paris Agreement targets and to achieve net zero emissions by 2050.
The COP28 agreement urged the world’s renewable energy capacity to increase from the current 3,400 gigawatts to 11,000 GW by the end of the decade.
The various state governments pledged to triple the world’s renewable energy capacity by 2030 at the U.N.’s COP28 climate summit, as a way to cut the share of fossil fuels in the world’s energy production.
The pledge aimed at decarbonizing the energy sector to limit global greenhouse gas emissions includes expanding nuclear power, cutting methane emissions, and choking off private finance for coal power.
During the COP28 conference, India expressed support for doubling renewable energy capacity by 2030 by expanding electricity generation from solar, wind, hydropower, and biofuels.
India’s government intends to fulfill 50% of its electricity needs using renewable energy sources by 2030 and to achieve net zero emissions by 2070.
The Indian government has emphasized green energy, as the country now derives over 70% of its electricity from coal, and is aiming to reduce its dependency on fuel by 2030 by achieving 500 GW of clean capacity.
Here are the key green energy stocks that may benefit from India’s net zero emission objective.
Tata Power Limited
The company intends to boost its green energy portfolio to 25 GW by 2030, an almost fivefold increase from the present 5.6 GW, mostly driven by the solar sector.
On the 14th of December, 2023. Tata Power shares hit a 52-week high of Rs 341.3 per share, up around 1 percent from the previous close price.
NTPC Ltd
NTPC plans to add 60 GW of renewable energy capacity by 2032. While NTPC intends to decrease net energy intensity by 2032.
On December 14, 2023.NTPC Ltd shares reached a 52-week high of Rs 299.75 per share, up around 2 percent from the previous close price.
Adani Green Energy Ltd
Adani Green Energy Ltd, India’s largest renewable energy producer, planned to invest an additional $22 billion to more than fivefold capacity expansion by 2030 and to build a 45 GW renewable energy capacity by 2030 as part of India’s target of establishing 500 gigatonnes of renewable energy capacity by 2030.
Adani Green Energy shares were trading at Rs 1,540.35, up 8 percent from Thursday’s end price.
JSW Energy Ltd
JSW Energy has set a vision of becoming a 10 GW company by 2025 and a 20 GW company by 2030 of renewable energy. In achieving the vision JSW Energy has committed to become carbon-neutral by 2050.
JSW Energy shares were trading at Rs 460.25, up 1 percent from the previous close price on Thursday.
SJVN Ltd
SJVN Limited has plans to add over 10,000 MW of renewable energy capacity in the next three years, with a total portfolio of 55,000 MW capacity. This expansion is part of the company’s goal to achieve a generation capacity of 25 gigawatts (GW) by 2030.
On December 14, 2023.SJVN Ltd shares reached a 52-week high of Rs 96.45 per share, up around 4.2 percent from the previous close price.
Suzlon Energy Ltd
The Suzlon Group is one of the world’s largest providers of renewable energy solutions, with more than 20 GW of wind energy capacity built across 17 countries.
Suzlon is also India’s leading wind energy service provider, having a service portfolio of more than 14 GW of wind energy assets. Outside of India, the Group has around 6 GW of installed capacity. The latest addition to its extensive product line is the 3 MW Series wind turbine technology platform.
Suzlon Energy shares were trading at Rs 38.60, down 1 percent from the previous close price on Thursday.
Written by Omkar Chitnis
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