The International Energy Agency (IEA) claimed in its country report titled “LiFE lessons from India -The benefits of advancing the Lifestyle for Environment (LiFE) initiative through the G20” that if adopted worldwide, the measures specified under the LiFE initiative could save consumers around USD 440 billion in 2030, corresponding to around 5% of total fuel spending across the global economy that year.
- It further said that implementing India’s “LiFE” initiative may help decrease worldwide carbon dioxide (CO2) emissions by more than 2 billion metric tonnes by 2030, or roughly one-fifth of the emission reduction required to reach global net-zero emissions.
Note: India Energy Week will be hosted in Bengaluru, Karnataka, from February 6 to 8, 2023.
Lifestyle for the Environment (LiFE) Initiative
i.In November 2021, Indian Prime Minister Narendra Modi introduced the LiFE initiative during the 26th Conference of the Parties (COP 26) to the United Nations Framework Convention on Climate Change (UNFCCC), that was held in Glasgow, Scotland (United Kingdom).
- It seeks to promote the adoption of sustainable lifestyles in India and around the world in order to address the concerns of environmental degradation and climate change.
ii.As specified in Goal 12 of the Sustainable Development Goals (SDGs) of the United Nations, the LiFE initiative is based on sustainable consumption and production.
Key Findings from the report:
i.India, the third-largest national market for renewable energy in the world, is currently 10% more energy efficient than the global and G20 averages, with various policies already integrated into its energy transition strategy.
ii.According to the IEA, the G20, which represents roughly 80% of the global Gross Domestic Product (GDP), 75% of global trade, and 60% of the world’s population, can be instrumental in the adoption of policies that are tailored to the local needs outlined by the LiFE initiative.
iii.The IEA categorizes the LiFE initiatives’ measures into two categories: behavioural change and sustainable & efficient consumer choices.
iv.According to the report, governments may directly mandate or influence about 60% of the emissions savings via LiFE measures.
Other Essential Information:
i.The Intergovernmental Panel on Climate Change (IPCC), the UN’s climate change science panel, found in its third installment of the sixth assessment report that limiting warming to 1.5°C requires global greenhouse gas (GHG) emissions to peak before 2025 at the latest and be lowered by 43% by 2030.
ii.To limit temperature increase to 1.5°C, net zero carbon dioxide emissions must be achieved globally in the early 2050s.
Recent Related News:
i.According to “Renewables 2022” (December 2022 edition), an annual report on the renewable sector released by the International Energy Agency (IEA), global renewable power capacity is likely to double over the next five years, driven by energy security concerns following Russia’s invasion of Ukraine.
ii.The capacity of renewable power worldwide is now anticipated to increase by 2400 gigawatts (GW) between 2022 and 2027, which is equivalent to China’s entire power capacity in 2022.
About International Energy Agency (IEA):
Executive Director – Dr. Fatih Birol
Headquarters – Paris, France
