India aiming to develop energy sector, decarbonise economy
New Delhi: As India Energy Week (IEW) unfolds in the national capital for another four days from Tuesday, the Indian government is poised to take center stage, aiming to rapidly develop its energy sector while simultaneously decarbonising its economy in a warming world. This strategic move positions New Delhi as a significant global energy player, with a unique development trajectory and potential impact on international energy markets.
All eyes are on India’s efforts to diversify its energy supply. Over the past decade, India with particularly South-South countries have collaborated on various energy issues. India and countries in the Global South, particularly in South Asia and beyond, have been actively engaged in energy cooperation through various mechanisms and initiatives. The South-South Cooperation (SSC) involves the exchange of resources, technology, and knowledge between developing countries. This cooperation aims to foster mutual benefit and solidarity among nations that share similar historical and socio-economic backgrounds. India has been a significant player in SSC, promoting sustainable development and renewable energy initiatives in the Global South.
This apart, India and Brazil have a robust partnership in the energy sector, particularly in renewable energy. This includes collaboration in bioenergy and ethanol production, which aligns with India’s target of 20 per cent ethanol blending in fuel by 2025. The two countries have also signed agreements on geology and mineral resources, paving the way for further cooperation in critical sectors like lithium, which is essential for renewable energy technologies.
India has been actively engaged with African countries in the energy sector, focusing on renewable energy projects and capacity building. This includes initiatives to promote solar, wind, and other renewable energy sources. The India-Africa relationship has also deepened over the years, with India providing technical expertise and investment in Africa’s energy infrastructure. India is also part of multilateral forums like the IBSA Dialogue Forum (India, Brazil, South Africa) and BRICS, which play a crucial role in promoting energy cooperation among developing countries. These forums provide platforms for discussions on trade, investment, and technology transfer in the energy sector, fostering closer ties and collaborative projects among member countries.
India has been providing technical assistance and capacity building in the energy sector to several countries in the Global South. This includes training programs, knowledge sharing, and technology transfer to support the development of renewable energy projects. India, along with other developing countries, has been advocating for greater private sector engagement in South-South cooperation. This includes leveraging private sector investments to support sustainable energy projects and infrastructure development.
India’s energy cooperation with countries in the Global South is characterized by a multifaceted approach that includes bilateral agreements, multilateral forums, technical assistance, and private sector engagement. These efforts aim to promote sustainable development, renewable energy adoption, and mutual benefit among developing countries.
However, on the other hand, India with the US have yet to establish a calibrated stance on trade and energy.
Progress has been made through multilateral platforms, such as settling seven cases at the World Trade Organization, and alternative plurilateral initiatives like the Quad and the Indo-Pacific Economic Framework for Prosperity.
Additionally, bilateral ties have been leveraged to expand clean energy supply chains. Meanwhile, several key developments over the last decade are set to drive India-US energy relations.
