Amitabh Kant, G20 Sherpa, emphasised the affordability and economic benefits of the clean energy transition, stating that it would lead to substantial cost savings, job creation, and improved public health. Speaking at the Accelerating Clean Energy in India event organised by the World Resources Institute (WRI) India, Kant highlighted that a rapid shift to a decarbonised energy system by 2050 could save the world $12 trillion compared to the business-as-usual scenario, while providing 55% more energy services globally.

Ghanshyam Prasad, Chairperson of the Central Electricity Authority (CEA), advocated for India to transition from fossil fuels to renewable energy, favoring hydro pump storage plants as the cleanest form of energy storage. He anticipated a significant increase in pump storage plants in the next decade, emphasising their importance in the energy transition.

Referring to India's commitments, it was mentioned that at COP27, India submitted its Long-term Low Emissions and Development Strategies (LT-LEDS). As part of its G20 presidency, India concluded Energy Transition Ministerial Meetings and co-hosted the 8th Mission Innovation (MI-8) with the 14th Clean Energy Ministerial (CEM) to accelerate the clean energy transition.

The updated Nationally Determined Contributions announced in August last year require states to play a significant role, with a commitment to achieve around 50% cumulative electric power installed capacity from non-fossil fuel-based resources by 2030.

The event covered essential topics, including state-level energy transition and critical minerals. WRI India, an independent charity registered as the India Resources Trust, provided information and proposals to support environmentally sound and socially equitable development.

Source: ET Energy world