Circularity of Critical Raw Materials: A Step Towards India’s Net-Zero Targets 2070

Anjali Singh () and Siddharth S. Saxena ()
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Anjali Singh: Indian Council of Research for International Economic Relations
Siddharth S. Saxena: University of Cambridge

A chapter in FDI, MSMEs, Digitalization, and Green Industrialization, 2024, pp 299-325 from Springer

Abstract: Abstract The energy sector in India contributes to about 70% of carbon emissions, followed by the transportation (14%) and construction (7.5%) sectors. The country is on a path towards accelerating the energy transition from coal to renewable energy sources, which will play a critical role in achieving the net-zero targets. In addition, the government is encouraging the transition from fossil fuel-based transport systems to electric vehicles. Critical raw materials (CRMs) are needed in abundance to ensure green technology adoption in energy as well as transportation sectors. Thus, the availability and sustainable management of CRMs and identification of their substitutes are important factors that can facilitate this transition. In this study, the criticality of raw materials was measured by applying a statistical rank methodology by minimizing different factors associated with its availability. Further, the supply–demand scenario with the resistive adoption of circular economy in green technology was explored. CRMs are the current and future fuel that could either accelerate or decelerate the country’s economic growth while transitioning from conventional sources of energy to green energy. In particular, the rate of adoption of solar, wind, and hydrogen sources as well as electric vehicles largely depends on the availability of CRMs used in these applications. This article highlights the criticality of raw materials in the Indian demography to determine potential ways for minimiing the supply–demand mismatch and to support the application of circular economy at the beginning of the life cycle of a material. Several challenges are associated with the supply of CRMs, among which import dependency is a major setback for India.

Keywords: Critical raw materials; Net-zero; Circular economy; Solar; Hydrogen; Wind; Electric vehicle; Battery storage system; And Li-ion battery (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-981-97-8999-3_14

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