SYDNEY ENERGY FORUM

Description

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Context: India has achieved clean energy targets nine years ahead of schedule Power Minister said at the Sydney Energy Forum. India has installed 162 GW (1 GW is a 1000 MW) of renewable energy capacity which is 41% of the 402 GW of electricity installed.

Details:

This target was reached in November 2021 and in Glasgow (at the UN COP-21) Prime Minister committed to installing 500 GW of renewable energy by 2030, which would then be 50% of the installed capacity.
Despite having among the lowest per capita emissions in the world, India has invested in this energy transition because its traditions teach it to respect and care for the environment.
In 2015, India committed to ensuring that 40% of its energy would be from renewable sources by 2030 as part of its Nationally Determined Contributions (NDC).

About the forum:

Theme: Securing Clean Energy Supply Chains for the Indo-Pacific
Co-hosted by the Australian Government and the International Energy Agency, with the support of the Business Council of Australia as a Forum partner.
Ministers from the United States, Japan, India, Indonesia, and the Pacific Island nation of Samoa are attending the forum along with leaders of major companies that are committed to low emissions technologies.
The forum will “foster connections between investors, business and government with a focus on innovations in key clean energy technologies such as solar, hydrogen, critical minerals and batteries.”
The energy crisis that has gripped the world has been “sometime in the making” and not only due to the Russia-Ukraine war but because of the “cartelisation in the fossil fuel industry.”
Renewable energy promised to break these cartels though it was possible that there would be newer such cartel forming in manufacturing and the equipment and the world would have to take steps to ensure that these don’t coalesce.