India to give priority to energy efficiency in G20 Presidency
New Delhi, February 20: India to give top most priority to energy efficiency in G20 Presidency. While inaugurating India Energy Week 2023 in Bengaluru, Prime Minister Narendra Modi mentioned about global demand of India’s energy.
He stated that India energy has significantly increased and will reach 11 per cent of the global demand as compared to 5 per cent currently.
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India is plethora of opportunities for energy firms and energy transition commitments.
Renewable energy investment in India is vital for meeting its international and domestic climate goals.
During G20 presidency, India signed as memorandum of understanding with the Indonesia-Malaysia-Thailand Growth Triangle Joint Business Council to further promote the adoption of energy efficiency and sustainable practices in the region.
In India's Budget for the year 2023 also, Rs 35,000 crores were allocated as a priority capital investment toward energy transition in line with the government's objective to achieve the goal of net zero emissions by 2070.
India also aims to become a global hub for green hydrogen production and exports. Under the National Green Hydrogen Mission, Rs 19,444 crore has been allocated for green hydrogen aiming at producing 5 million tonnes of green hydrogen annually by 2030.
India has made significant progress in its transformation from a country that relied heavily on coal to a potential leader in the renewable source of energy.
According to the data published by the Ministry of New and Renewable Energy, as of December 31, 2021, works related to the installation of transmission towers and their stringing for an aggregate of approx.
Indian renewable energy market can provide both peak-time power supply and 24-hour electricity to help overcome renewable energy's unsteady nature.
International Energy Agency's India Energy Outlook 2021 also projected that India could potentially have 140-200 gigawatt (GW) battery storage capacity, the largest for any country, by 2040.
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