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The President-Designate for COP28, Sultan Al Jaber on Tuesday said India’s target of 500 gigawatt (GW) of clean energy capacity is very ambitious, but achievable
In his first international visit since his appointment as President-Designate of COP28, Jaber, in his address at the ninth Asian Ministerial Energy Roundtable (AMER9), said the UAE is “keen” to partner with the world’s third largest energy consumer in achieving its non-fossil fuel-based capacity by 2030.
India is hosting the AMER9 in association with the International Energy Forum (IEF) and it was opened by Oil Minister HS Puri. The roundtable is taking place alongside the India Energy Week (IEW), which concludes on Wednesday.
Asian economies
“Last year, despite an ongoing war, fears of recession and a world still recovering from Covid, annual global investment in clean energy exceeded $1 trillion for the first time. And the trajectory is only going up. Most of this new growth will be driven by the dynamic economies of Asia. Here in India, you are aiming for 500 GW of clean energy by 2030. This is very ambitious, but also very achievable. And the UAE is ready, willing and able to partner with you,” he said.
Jaber is the UAE’s Minister of Industry and Advanced Technology and the Group CEO of the Abu Dhabi National Oil Company (ADNOC).
International Energy Agency’s (IEA) Executive Director Fatih Birol also expressed the view that India is capable of achieving its target of clean energy capacity additions.
“I have seen India putting several targets and very strong and ambitious targets. But I learned my lesson of not to call them ambitious anymore because India always reached and went beyond those targets. I have all the confidence that India will reach 500 GW. If I have to bet, I bet that it will go beyond 500 GW,” the IEA chief told businessline.
Global efforts
Puri emphasised that the roundtable was being held at an apt time when there is a pressing need to galvanise global efforts for mapping stable and secure energy pathways for achieving energy security, energy justice, growth and innovation.
Economic growth, coupled with urbanisation, industrialisation and improving energy access and living standards will result in a rise in energy demand of over 3 per cent between 2021 and 2030 for a majority of emerging Asian Economies. The energy demand of advanced economies would be plateaued or will even decline by then.
On energy transition, Puri said India recognises that its energy transition path will involve a variety of energy solutions to support energy and economic growth. Advanced biofuels, green hydrogen, renewables and nuclear will play a critical role in the energy mix as India chart its path to energy transition.
With India assuming G20 presidency, it endeavours to utilise the opportunity to give resonance to the voice of developing and underdeveloped countries and highlight the common concerns of energy security, energy justice and sustainable energy transition so that all developing countries can gain reliable and clean energy, the Minister added
The writer is at the India Energy Week 2023 at the invitation of Indian Oil Corporation.
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