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India has applied to be a member of the Nuclear Suppliers Group, but its ambition is being thwarted by China. However, developments in renewable energy mean China’s veto will have little impact on India’s clean energy push.
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India needs to act faster to ensure it continues to get energy at an affordable price. The oil price increase to $50 per barrel shows there is a limited window of time to act.
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Relatively low fossil fuel prices have created a favourable climate for the Modi government to secure India’s growing energy needs in a sustainable manner and at fair prices. The government should also encourage locally-built wind and nuclear options to secure India’s long-term needs.
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The U.S. and Canada offer an opportunity for India to acquire large scale oil and gas fields in politically stable countries at a low price. A financial investment in energy companies will protect India against a rise in energy prices without raising concerns in host countries.
Courtesy: Whitehouse.gov
Once the fourth and final global Nuclear Security Summit is held this week in Washington, D.C., the challenge will primarily be for bureaucrats to continue working and keep leaders engaged on nuclear security. Inertia on this issue, especially when there is growing intelligence on security breaches, could be deadly.
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After the recent WTO ruling against India on the issue of local content of solar panels, India must revise its renewable energy strategy in favour of wind power. Instead of imported solar panels, India’s renewable capacities can use locally-manufactured windmills.
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The WTO judgment on the India-U.S. dispute on solar panels shows how rules across different international regimes – climate change, trade and nuclear power – favor the countries which set those rules. India must deepen its participation in such multilateral fora to protect its interests.
Courtesy: Wikimedia
Saudi Arabia, Russia and other oil producers are trying to cap oil production to support prices. Such distortions are unlikely to work. India should be more concerned about the long term rise in oil prices due to falling investment in exploration and production – and should protect itself by acquiring oil and gas assets to cover its energy needs.
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India’s recent ratification of the nuclear liability convention is being portrayed as a dilution of India’s stand on civil nuclear liability and its own 2010 law on the subject. This is, however, incorrect, and India’s stand on nuclear liability remains unchanged.
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The common Indian complaint is that, despite a global trend of falling crude oil prices, the price of petrol has not reduced. However, if the dollar price is examined with the price of oil, it becomes clear that Indians are paying less for fuel now than they would have, had the 2003 pricing trend continued.