The India Energy Week, held from 6th-8th Feb’23 in Bengaluru, was a seminal event in India’s journey towards sustainable energy development. The event, which was officially inaugurated by Prime Minister Narendra Modi, took place during India’s presidency of the G20 and was a testament to the country’s commitment to its determination to tackle the global challenge of climate change.
Prime Minister Modi, in his inaugural speech, highlighted India’s goal of achieving net-zero emissions by 2070, a pledge made at the COP26 summit. The India Energy Week, backed by the Ministry of Petroleum & Natural Gas and supported by the Federation of Indian Petroleum Industry, provided a platform for India to showcase its efforts towards this goal.
India is expected to see the most significant increase in energy demand in the next 20 years as its economy grows, making its energy transition crucial for global energy markets. Therefore, India Energy Week is timely as it addresses the challenges of energy security and environmental sustainability that affect long-term energy transitions and efforts toward decarbonization.
India’s energy demand is expected to increase more than any other country in the coming decades due to its size and enormous growth and development potential. So the allocation of INR 35,000 crore towards the green energy transition is a step in the right direction and demonstrates the nation’s will for a sustainable future.
The Indian government has a long history of supporting renewable energy initiatives –
- Dating back to the launch of the National Solar Mission in 2010
- In addition to the National Wind Energy Mission in 2015.
- Followed by launch of International Solar Alliance (ISA), an alliance of 123 signatory countries to reduce dependence on fossil fuels.
In line with global developments, several new technologies and associated business models are taking shape in India, as highlighted in a recent report by the Institute of Energy Economics and Financial Analysis (IEEFA). The report identifies three technologies with ample global investment space
- battery energy storage systems (BESS),
- offshore wind,
- And green hydrogen.
The government’s approval of an initial capital outlay of Rs 19, 744 crores for the green hydrogen mission is an example of its commitment to positioning India as a green hydrogen export hub and attract global investors. These policy pushes and technological advancements paint a hopeful picture for the future of renewable energy in India.