Emphasizing the need for an integrated global approach to energy transition, commerce and industry minister Piyush Goyal said that the vision of an international power grid might hold the key to a comprehensive shift from coal and conventional energy sources towards green energy.
The union minister made the remarks at The Energy Transition Dialogues hosted by Global Energy Alliance for People and Planet ( GEAPP) in New Delhi.
Touching upon the complexities of transitioning from coal, Goyal pointed out the challenges posed by green energy sources. “Alternate and green sources like wind or solar are not available on a steady state basis throughout the day,” he noted, underscoring the need for a globally recognized alternative to coal. In this context, he reiterated, “The vision of Prime Minister Narendra Modi for an international power grid is the possible solution that the world is now accepting.”
The minister said, “India’s energy transition has a very large end-to-end dimension,” adding that the coming three decades will witness an unprecedented economic growth in India, leading to an augmented energy demand across sectors.
Drawing attention to India’s dynamic approach towards energy transition, Goyal said, “India has been upping its targets on almost every aspect of the energy transition story.” He went on to shed light on the country’s various initiatives in this direction, such as supporting clean energy equipment production and paving the path for green hydrogen and ammonia.
Highlighting the production linked incentive (PLI) programme, Goyal mentioned, “It’s a well-thought-out, well-crafted government policy to promote manufacturing in India, not just for mobile phones but across sectors including auto components, technical textiles, and more.”
Discussing the carbon tax issue, Goyal said, “If we collect the tax in India itself, there will be no additional tax,” referencing the country’s ongoing negotiations with the European Union to maintain a competitive edge for India’s exports.
Goyal concluded his speech by addressing the financial facets of energy transition, pointing out, “Despite supporting 17% of the global population, India’s contribution to greenhouse gas emissions is barely two and a half percent.” He emphasized the responsibility of developed nations, stating they have “let down the whole world,” and should be accountable for the current global environmental challenges.
