Leaders commit to boosting India’s clean energy transition at G7

Leaders from the G7 have finished their three-day meeting agreeing to boost clean energy and resilience through new initiatives, comprising its commitment toward Just Energy Transition Partnership with India.

They have committed to achieving a fully or predominantly decarbonised electricity sector by 2035.

Consuming one billion tonnes of coal annually is about 16 per cent of global thermal coal consumption and about the same as the total thermal coal consumed by India, Indonesia, and South Africa combined.

So the implications of 2035 power sector decarbonisation mean phasing out coal power in G7 and EU member countries would avoid 1.9 billion tonnes of CO2 emissions annually, which is more than the combined total CO2 emissions from all South-East Asian countries. G7 summit boost India energy

The G7, an informal grouping of seven of the world’s advanced economies: Canada, France, Germany, Italy, Japan, the UK, the US and the European Union called for opening up gas investments to help lessen dependence on Russian energy. G7 summit boost India energy

German Chancellor Olaf Scholz had invited Indian Prime Minister Narendra Modi, along with Argentina, Indonesia, Senegal, and South Africa to the 2022 Summit as partner countries.

The G7 further stressed its commitment toward Just Energy Transition Partnerships (JETP) with India, Indonesia, Senegal, and Vietnam, especially in light of the partnership initiated with South Africa at COP26.

While opening up gas investments could have been the headline, it was the leaders’ decision, led by German Chancellor Scholz, to open up space for gas investments in the name of energy security in the face of the Russian war in Ukraine.

Source: Agencies