India may need to invest as much as $7 trillion to achieve its net zero carbon emission target by 2050, a task that seems more plausible by 2070, according to Rajat Verma, Founder & CEO of battery recycling firm LOHUM. As per Verma, the transition demands close to $300 billion of investment annually. This is a steep surge from the current $30-$40 billion that India annually spends on green ventures.

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Rajat's estimates highlight the scale of the challenge facing India, the world's third-largest carbon emitter.

"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 endeavor 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 fueling 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.

Highlighting the significance of metals like lithium and nickel, Rajat shed light on their increasing importance in the drive towards net zero. The need is not just for the use of these metals but for their circularity – ensuring that these resources are utilized 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 company focuses heavily on the circularity of metals and has invested extensively in R&D to ensure efficient recycling. With metals such as lithium, nickel, cobalt, aluminum, and copper at the core of its operations, LOHUM said it is geared towards facilitating a sustainable transition.

First Published:Sept 26, 2023 4:47 PM IST