New Delhi, Jan 11 : India marked a significant milestone in its journey toward achieving climate goals and economic self-reliance with the launch of the Bharat Climate Forum on Friday here.

A national platform dedicated to unifying stakeholders from policy, industry, finance, and research to accelerate cleantech manufacturing in India, the Bharat Climate Forum aims to drive sustainable economic growth and innovation.

Hosted by the Centre for Indigenous Economic Understanding (CIEU) and Dalberg Advisors, the Bharat Climate Forum is supported by the Ministry of New and Renewable Energy (MNRE), NITI Aayog, and International Solar Alliance (ISA).

Addressing the launch of the forum, Minister for Railways Ashwini Vaishnaw said: "Atmanirbhar Bharat embodies India's drive for economic sovereignty and technological leadership through innovation and collaboration. Our 4G-5G telecom stack showcases this spirit which the cleantech sector can imbibe, with public-private partnerships enabling world-class, competitive solutions. I thank the Bharat Climate Forum organizers for highlighting India's commitment to cleantech innovation for a sustainable future."

The forum comes at a time when India is pursuing ambitious climate targets, including achieving net-zero emissions by 2070 and scaling up non-fossil fuel capacity to 500 GW by 2030.

Despite progress in renewables, challenges such as reliance on imports for solar and wind infrastructure persist.

Ashwani Mahajan, National Co-Convener of Swadeshi Jagran Manch and Member-Secretary of the Bharat Climate Forum, emphasised the need for a comprehensive manufacturing policy to address these challenges.

"India's cleantech manufacturing sector holds immense potential to reduce import dependencies, stabilise energy transitions, and create millions of jobs. A robust policy framework is crucial in ensuring economic growth aligns with sustainability goals. By advancing solar, wind, and EV technologies, India is boldly pursuing Atmanirbhar Bharat, reinforcing the ethos of self-reliance and charting a roadmap to tackle the climate crisis for global benefit," he said.

The forum also spotlighted the economic opportunities in cleantech.

By 2030, Dalberg estimates suggest that cleantech manufacturing could create a domestic market worth $120-150 billion annually and generate export opportunities of $40-45 billion while generating 50 million new jobs by 2070.

Jagjeet Singh Sareen, Partner, Global Climate Practice at Dalberg Advisors and Member-Secretary of the Bharat Climate Forum, added: "Achieving the 1.5-degree target requires urgent acceleration in our efforts. We need innovative financing mechanisms, such as green bonds and impact bonds, to raise capital efficiently, linking climate benefits to funding solutions.

"Additionally, localising the supply chain could save nearly $2 trillion in imports by 2047, reducing India's reliance on fossil fuels and external technologies. Through the Bharat Climate Forum, we hope to advance these critical conversations."

The inaugural event witnessed the launch of Bharat Cleantech Manufacturing Platform by Minister of Commerce Piyush Goyal, an initiative to strengthen India's clean tech value chains -- spanning solar, wind, hydrogen, and battery storage.

/IANS