Courtesy: MIT News
Energy transition is central to the G20 agenda, and during India’s G20 Presidency, the geopolitics and governance of energy have become immensely challenging. What this means is that new technologies, financing and business models are needed for transitions – new tracks for new trains. Financial centres of G20 countries and their significant business communities, like Mumbai, have a critical role to play in creating this new economy.
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Since August 2021, Western Europe has faced a problem with renewable energy, causing it to turn to natural gas as an emergency alternative. This has led to a significant increase in gas prices and has serious implications for fertiliser and food prices. If this trend continues, it will be likely to cause food insecurity especially in poorer nations which do not have the monetary cushion of the West.
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An unspoken war has been waged between India and the U.S. at the COP21 Summit in Paris. If the West wants India to opt for more expensive energy options, then they must also reciprocate by sharing technology.
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In his budget speech, the Indian finance minister hinted at a greater role for natural gas in India’s energy mix. The shift will help diversify our energy sources, reduce our import bills and cut pollution.