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India Energy Week 2024 to showcase global energy transition strategies and achievements

January 24, 2024 2:02 pm

India Energy Week 2024 to showcase global energy transition strategies and achievements
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35,000+ attendees will explore India’s renewable revolution, diverse energy initiatives, and commitment to sustainability at IEW in Goa.

Goa is set to host a significant gathering of the energy ecosystem as part of India Energy Week (IEW) 2024, scheduled to take place from February 6 to 9 at the IPSHEM-ONGC Training Institute in the southern part of the state.

IEW 2024 anticipates an impressive turnout, with more than 35,000 attendees, 350 exhibitors, 400 speakers, and 4,000 delegates from over 100 countries. The event promises a diverse range of exhibitors spanning core oil field services, injecting dynamism into the atmosphere. Throughout IEW 2024, ministerial, leadership, technical sessions, and roundtables will delve into various themes such as the energy transition of the global south, building a future-ready energy stack, charting the roadmap for alternate fuels to enhance energy optionality, and assessing the impact of localisation, regionalisation, and globalisation on energy-related industrialisation and manufacturing processes.

Organised by the Federation of Indian Petroleum (FIPI) Industry under the auspices of the Ministry of Petroleum and Natural Gas, Government of India, IEW aims to serve as a catalyst for meaningful discussions, knowledge exchange, and collaboration among industry experts, policymakers, academia, and entrepreneurs.

India’s Strategies and Achievements in Energy Transition

Following the conclusion of COP 28, the participating nations agreed to initiate the “beginning of the end” of the fossil fuel era, paving the way for a rapid, just, and equitable transition supported by substantial emissions cuts and increased finance.

India’s earlier commitments and achievements have positioned the country as a global template for climate action. At COP 26, India pledged to achieve 500 GW of non-fossil energy capacity by 2030 and ensure that 50 percent of its energy requirements come from renewable sources by the same year. Additionally, India committed to reducing total projected carbon emissions by one billion tonnes from now until 2030, trimming the carbon intensity of the economy by 45 percent compared to 2005 levels. Ultimately, India aims for net-zero emissions by 2070.

Prime Minister Narendra Modi, speaking at the inauguration of COP 28, highlighted India’s achievements, stating, “We have already achieved the targets related to emissions intensity eleven years ago. We have achieved non-fossil fuel targets 9 years ahead of schedule.” PM Modi emphasised India’s commitment to furthering renewable capacity addition, aiming for a 45 percent reduction in emissions intensity and a 50 percent share of non-fossil fuel by 2030, with the ultimate goal of net-zero emissions by 2070.

India’s Multifaceted Approach

India’s comprehensive response involves increasing domestic crude oil and natural gas exploration and production, rapidly raising ethanol blending in petrol to reduce imports and maintain affordability, and deploying large-scale renewable power generation capacity at a lower cost than thermal power.

Alternate Fuels and Access to Clean Energy

With the achievement of blending 10percent ethanol in petrol, the government targets 20 percent blending by 2025-26, which could replace approximately 1,016 crore liters of petrol, saving around 4 billion US dollars annually. Additionally, fifty Compressed Biogas (CBG) projects have been commissioned with a total production capacity of about 300 tonnes per day, further contributing to the diversification of fuel sources.

Furthermore, India has announced substantial investment in developing 5 million metric tonnes of green hydrogen annually by 2030, aiming to substitute imported fuel in various industrial applications.

Renewable Revolution

India stands out as a shining example in increasing renewable energy capacity despite challenges associated with a rapidly expanding economy heavily reliant on fossil fuels. India’s share in global carbon emissions is only 4 percent, despite housing 17 percent of the global population. The country has tripled its renewable power generation capacity between 2016 and 2023.

By the end of 2016, India’s total wind and solar capacity reached about 37 GW, with solar contributing around 9 GW. In just seven years, the combined solar and wind power capacity has surged to over 116 GW, an impressive three-fold increase. Solar power installations have witnessed an eight-fold jump in the same period. Overall, India’s total non-fossil power generation capacity, including hydroelectric generation, stands at 186 GW, constituting nearly 44 percentof the total installed capacity.

The success of India’s renewable energy story is attributed to vibrant private sector participation, ensuring affordable energy, and agile policymaking to navigate various challenges. A recent example of decisive governance is India’s move to incentivise the manufacturing of solar photovoltaic modules, reducing dependence on China. India introduced a performance-linked incentive scheme to boost domestic manufacturing of solar modules exceeding 48 GW capacity.

Furthermore, the country, blessed with abundant solar radiation, has innovated to include farmers in the solar power scope through a government scheme incentivising solar pumps.

In conclusion, Goa will be the platform where the global energy ecosystem learns from India’s experiences and collaboratively evolves new strategies for a prosperous and sustainable world.

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