AKIPRESS.COM - The United States and Germany, on behalf of the G7, have proposed establishing an India-G7 partnership to assist fund and assist India’s transition from a “fossil-based economy to a carbon-neutral economy”. Both nations are eager to announce the partnership on the G7 Summit, the place India has been invited, later this month, The Economic Times reported.
The concept, sources stated, is to devise an India-specific ‘Just Energy Transition Plan (JETP)’ considering India’s place on guaranteeing local weather justice whereas addressing local weather change challenges in addition to its commitments on growing the share of renewable sources in its vitality combine. The G7 already has an analogous $8.5 billion transition plan with South Africa, which has said its intent to decommission coal-based energy vegetation in lieu for decrease emission options.
The JETP paper for India, which is presently into consideration of the federal government, has prompt a two-phased method. In the primary part, the main focus can be on lowering India’s “carbon intensity” by deploying renewable vitality in energy technology. This would imply particular investments on modernisation of energy grids, deploying vitality storage apart from introducing new inexperienced expertise.
Also, the G7 has pushed the envelope on rolling again thermal vegetation presently within the growth stage and regularly shutting down coal mines. Specifically, it has prompt that if India is agreeable, then “phase one could include reduction of the pipeline of coal-fired power plants currently under development… piloting just transition elements, such as coal-fired power plant conversion and coal mine closure”.
Besides this, it’s proposed that focused efforts be made on this part to “increase production of green hydrogen and ammonia for industrial energy use” whereas enhancing “energy efficiency across the power, transport, industry, and buildings sectors”.
In the second part, the G7 has prompt that it could make further efforts to “widen support across a wider range of areas, including industrial and transportation decarbonisation needs”.
The G7 proposal, sources stated, has described the partnership as one based mostly on “trust and strategic cooperation” with an formidable vitality transition plan, which can acknowledge a necessity for India to “accelerate a just energy transition towards decarbonisation to reduce their dependence on fossil-based energy generation”.