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According to a senior executive, the World Economic Forum (WEF), is currently looking into solutions from India to accelerate decarbonisation. The focus is to bring best practices from anywhere to everyone, so a senior executive said.
“What India has done to accelerate renewables and the deployment of new renewables is remarkable. If I’m not mistaken, the numbers show that you have reduced the coal demand and increased your energy demand. This is an important aspect,” Roberto Bocca, WEF’s executive committee member, told PTI.
The forum will be focusing on India’s demand side, as well as cities, transportation, and industrial demand. He noted that this transition won’t happen just because of the shift from fossil fuels and renewables. It will also occur out of efficiency.
He answered yes when asked if the forum was looking into solutions from India to accelerate decarbonisation. He said, “Absolutely, We are also looking into what some of India’s companies are doing on green hydrogen, (especially) the approach that you have taken to put green hydrogen in the centre of the future… India has the potential for innovation.”
Bocca stated that he has about 200 case studies around the globe and he wants to bring them to India. He also said that he would like to see business cases from India.
WEF released its May report, “Fostering Effective Energie Transition 2022”. It stated that the pandemic, war in Ukraine, and other turmoil in the energy markets highlight the need for a global energy transition. This will address the imperatives to economic development and growth, as well as energy security and access.
It stated that the current context highlighted the trade-offs inherent to the energy transition. These are complicated by the sector’s structure and socio-economic role.
Energy transition, which is a process of decarbonisation and reducing carbon emissions, would require huge investments. According to Mr. Bocca, “We need seven times the amount of investment that we have today in India for this (energy) transformation… we need more money.”
He also stated that the combination of climate and energy security requires acceleration. This will be a great way to create new jobs.
The energy crisis is now. He noted that energy transition is more than just about decarbonisation. It is also about energy affordability and energy security.
He said that no energy system can be successful if it doesn’t deliver on the three dimensions of sustainability, security, and affordability necessary to sustain economic growth.