5D in Energy Sector which can help India to achieve the target of Net Zero by 2070

Democratization:

Democratization of energy supply facilitates access to power as well as the flexibility to choose the source of power. Sustainable energy boosts economic growth and creates employment in emerging economies.

Decarbonisation:

‘Decarbonisation’ tends to refer to the process of reducing ‘carbon intensity’, lowering the amount of greenhouse gas emissions produced by the burning of fossil fuels. Generally, this involves decreasing CO2 output per unit of electricity generated.

Digitization:

Digitization is the process of changing from analog to digital form, also known as digital enablement. Said another way, digitization takes an analog process and changes it into a digital form without any different-in-kind changes to the process itself.

Decentralisation:

Decentralization or decentralisation is the process by which the activities of an organization, particularly those regarding planning and decision making, are distributed or delegated away from a central, authoritative location or group.

Concepts of decentralization have been applied to group dynamics and management science in private businesses and organizations, political science, law and public administration, economics, money, and technology.

Deregulation:

Deregulation is the reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Conventional energy is subsidized in many markets and consumer segments. A conducive policy framework is a prerequisite for clean energy. Government energy policies should foster innovation as well as investment in utility-scale technologies to phase out carbon-intensive production facilities.

The demand for power is growing exponentially. Limited access to power inhibits development. Elsewhere, an increase in population, economic, and industrial growth, along with a rise in per capita energy consumption due to lifestyle changes, are intensifying the load on the power infrastructure.

The concerted effort of industries such as automobiles to reduce the carbon footprint by replacing fossil fuels with electricity is further driving the demand for power.

Policymakers need to ensure equitable distribution of energy supply, decouple carbon emissions from economic growth, rationalize domestic consumption as well as industrial demand, and foster sustainability of power companies. It can be achieved by focusing on the five Ds (democratization, decarbonization, deregulation, decentralization, and digitization).