According to a report by the World Economic Forum (WEF), India has made significant progress in energy efficiency, but still faces challenges in terms of security and capital in the global energy transition. The report highlights India’s efforts to reduce its energy consumption and greenhouse gas emissions, with the country aiming to achieve 40% of its installed power generation capacity from non-fossil fuels by 2030.
India has implemented various initiatives to improve energy efficiency, such as the Perform, Achieve and Trade (PAT) scheme, which aims to reduce energy consumption in industries. The country has also set targets to increase the use of renewable energy sources, such as solar and wind power, and has made significant progress in this area. However, the WEF report notes that despite these efforts, India still faces significant challenges in terms of energy security and capital.
The report highlights that India’s energy sector requires significant investment to meet the country’s growing energy demands, with an estimated $200 billion needed to achieve its renewable energy targets. However, the report notes that attracting this investment will be a challenge, particularly in the current economic climate. Additionally, the report highlights that India’s energy sector is vulnerable to cyber threats and other security risks, which could have significant impacts on the country’s energy infrastructure and economy.
The WEF report also notes that the global energy transition is facing significant challenges, including the need for significant investment, the risk of stranded assets, and the potential for social and economic disruption. However, the report also highlights the opportunities presented by the energy transition, including the potential for job creation, economic growth, and improved energy security.
Overall, the WEF report suggests that while India has made significant progress in energy efficiency, the country still faces significant challenges in terms of energy security and capital. The report highlights the need for continued investment and innovation in the energy sector, as well as the importance of addressing the social and economic impacts of the energy transition. With the right policies and investments, India can continue to make progress towards a more sustainable and secure energy future.
In terms of global energy transition, the report emphasizes the need for a coordinated and collaborative approach, involving governments, businesses, and civil society. The report also highlights the importance of addressing the social and economic impacts of the energy transition, including the potential for job displacement and community disruption. By working together and addressing these challenges, the world can achieve a more sustainable and secure energy future.