Renowned to be as ‘Wonder Boy of New India’, Nikhil Kamath has been bringing the most crucial subjects into a discussion with his podcast 'WTF is? From being a school dropout to being called India’s Warren Buffett in the making, Nikhil Kamath’s self-made journey is nothing short of inspiring. Leading his way as the brightest investor in India, Nikhil in collaboration with leading climate pioneers such as Sunita Narain, director-general for Delhi-based think tank Centre for Science and Environment, actor Bhumi Pednekar, Climate researcher Navroz Dubash, and sustainability collaborator Mirik Gogri on his new podcast titled 'WTF is Climate Change? While the podcasts covered many topics related to clean energy, the speakers also shed light on the energy transition and the necessity of achieving clean power for 1.3 Billion people.
"The issue of achieving clean power is particularly relevant given that India is running out of finite resources and needs to urgently transition to cleaner sources of energy. However, this becomes particularly challenging as the majority of the country is dependent on cheaper and easily accessible coal. The speakers on the podcast covered the topic of how exactly we can transition, the barriers we would have to surmount, and the immediate steps that can be taken.
Navroz Dubash Professor at center for policy research, Author of IPCC, said, "India is exploring innovative initiatives, such as transitioning agricultural pump sets to solar power, capitalizing on the fact that these systems do not require continuous power supply. To facilitate this transition, the Indian government must mandate distribution companies to provide backup power and manage their own power procurement, necessitating a shift in power planning from centralized to decentralized systems."
"Furthermore, subsidies should be directed towards promoting the productivity of electricity rather than consumption, focusing on sectors like the coal chain, food processing, and small industries. By incentivizing efficient and sustainable practices, India can position itself as a leader in the global green economy while addressing pressing environmental concerns." He added.
Sunita Narain, Padma Shri Awardee, Director of CSE, said, "India faces a significant opportunity in transitioning towards a greener economy, yet the high cost of capital poses a challenge. Rather than focusing solely on the quantity of funding available, there's a pressing need for capital of higher quality. Currently, the private sector's investment in climate change initiatives falls short, but incentivizing them through carbon credits and offsets could spur greater participation."
She further added, "Initiatives such as solar agricultural pumps aren't reliant on subsidies but represent a pragmatic step towards energy transition. Addressing the climate change crisis requires a concerted effort towards transitioning to cleaner energy sources, presenting both a challenge and an opportunity for India."
Mirik Gogri Sustainability Investor, said, "One significant challenge that needs urgent attention this decade is grid storage. Effective grid storage solutions have the potential to reduce costs significantly. While lithium batteries are not suitable for grid storage due to various challenges and their prioritization for electric vehicles, grid storage presents a significant opportunity for India. By 2030, India will require 200GW/hr of energy storage capacity, yet the grid has not been stabilized. This decade is critical for the development of energy storage solutions, similar to the advancements witnessed in solar and wind power in previous years."
Nikhil became a part of the Forbes Billionaires List 2020 & 2023 and the Self-Made Rich List 2022. Nikhil continues to be the path-breaking investor he is with his dedication to investment in philanthropy at a large scale. He recently became not only just the 4th but also the youngest Indian to pledge a majority of his wealth through the Bill Gates and Melinda Gates charity foundation.
