Expectations of India’s renewable energy industry, ET EnergyWorld

New Delhi: At the upcoming G20 Summit 2023, the world expects to see a firm commitment to the energy transition roadmap.

Whereas for India’s renewable energy industry, increased technological collaboration among G20 nations, global cooperation in the development of clean technology, and accountable policy actions are some of the key expectations ahead of the Summit scheduled from 9-10 September here.

Srivatsan Iyer, global chief executive officer (CEO), Hero Future Energies, said that he is anticipating the reinforcement of a collective determination to quicken the pace of energy transition globally at the Summit.

“It is absolutely critical that the G20 nations accelerate efforts in sharing advanced technologies and ensuring access to affordable financing from multilateral development banks and international finance institutions, especially for emerging economies,” he said.

Iyer added that tIndia moves toward a net-zero future, the critical role of new technologies such as electrolyzers, battery storage, and carbon capture will become even more apparent.

“We look forward to increased technological collaboration among G20 nations, establishing more resilient and open global markets, particularly in the emerging sector of green hydrogen,” he said.

India’s G20 presidency is a gateway to expansive economic and environmental dividends, elevating India’s stature in international trade, policy formulation, and climate action, Praveer Sinha, CEO and Managing Director, Tata Power told ETEnergyorld.

He said that it has also provided India with an unique opportunity to wield considerable influence in sculpting the contours of global policies on energy transition. “It is the best time to lead the transformative global effort by fostering ground-breaking technologies to accelerate clean and affordable energy transitions to enable secure, sustainable and inclusive growth for all,” added Sinha.

According to Bikesh Ogra, managing director and CEO of energy transition company Jakson Green, G20 nations must set collaborative, strong renewable energy adoption objectives.

He said that the importance of developing and widely adopting both existing and emerging clean technologies, and promoting a speedy transition to clean energy are the key drivers for India’s energy transition journey.

“The summit should promote global cooperation in the development of clean technology and accountable policy actions to accelerate global energy transitions pushing the boundaries of innovation in green and low-carbon hydrogen and its derivatives,” said Ogra.

He said that comprehensive policies should be implemented for efficient grid integration, low-cost financing for energy transition, reducing carbon emissions, and ensuring long-term energy security.

Apart from this, strong public-private partnerships, both nationally and globally, are also critical to accelerate the progress. G20 would strengthen the momentum around mobilising capital to finance the energy transition in leading renewable markets worldwide and India is expected to play a key role in furthering the conversation.

“I expect the Summit to reach a consensus on policy interventions to boost the share of renewables, increase deployment of battery storage solutions and focus on research and development for cleantech solutions. Producing green hydrogen and derivates in wind and solar rich countries such as India and exporting these to those that lack the resource needs formalising through appropriate treaties with the help of G20 nations,” said R P V Prasad, CEO, Envision Wind Power Technologies India.

Pratik Agarwal, director, Serentica Renewables said that concrete and coordinated action in areas such as green capital and technology would help all in moving towards a decarbonised future.

  • Published On Sep 8, 2023 at 01:16 PM IST

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