Indian Prime Minister Narendra Modi again emphasized diversity in the energy mix, saying there is no one-size-fits-all solution for a world seeking to transition from fossil fuels to clean energy sources such as solar and hydrogen.
As the world’s third largest energy consumer, India has repeatedly emphasized that the energy transition is fair and orderly, and that countries independently decide on the path of energy transition according to their resource conditions.
“Our principle is simple – diversity is our best bet, both in terms of society and our energy mix,” he said in an exclusive interview with PTI ahead of the G20 summit. “There is no one-size-fits-all solution. Given the different paths countries take, our path to energy transition will be different.” Coal, oil and natural gas account for almost two-thirds of the world’s energy consumption. Replacing them cannot be done overnight.
With this in mind, New Delhi is in favor of continuing to invest in today’s energy system to meet the needs of a growing economy without creating any shortages. At the same time, investment should flow to transition fuels.
Modi said: “Despite India’s population accounting for 17% of the world’s population, its historical cumulative emissions are less than 5%. Yet we have spared no effort to achieve our climate goals.”
India has increased its solar power generation capacity 20-fold in just a few years, is now among the top four in the world for wind energy, and plays a major role in the innovation and adoption of electric vehicles, he said.
“We may be the first G20 country to meet our climate goals nine years ahead of schedule,” he said.
India has committed to reducing the emissions intensity of its Gross Domestic Product (GDP) by 45% by 2030.
It set a target of net-zero emissions by 2070 and pledged to generate 50 percent of its electricity from non-fossil fuel sources by 2030, build 500 gigawatts of renewable energy capacity and reduce projected total carbon emissions by 1 percent. billion tons by 2030.
“So we are definitely on the right track and also adjusting the various factors needed to ensure growth,” Modi said.
Referring to the future of tackling climate change, he said he was very positive about it and that the country was working with others to “change this approach from a restrictive one to a constructive one”.
“Instead of just focusing on the practice of not doing this or that, we want to introduce an attitude that makes people and countries aware of what they can do and help them with financial, technological and other resources,” he added .
World gas demand fell by 3% last year following the war between Russia and Ukraine, and prices rose sevenfold, leading countries to turn to the next cheaper alternative – coal.
India has long pressed for a just, orderly and sustainable energy transition to continue meeting the energy needs of its fast-growing economy and to acquire the technology and financing to enable a just and orderly transition to renewable energy sources such as wind and wind power . Solar power, and lithium-ion batteries.