India aims to promote global collaboration in energy sector in upcoming week

• The 2024 India Energy Week (IEW) is set to host 17 ministers.
• Puri views IEW as a platform for further development and growth in India's energy outlook.
• India aims to install 50 gigawatts of clean energy by the end of the decade.

Indian Oil Minister Hardeep Singh Puri, in a press conference in New Delhi on Monday, expressed India's intent to foster international cooperation to achieve its energy transition goals ahead of the 2024 India Energy Week (IEW).

The second edition of IEW, scheduled from Feb. 6 to 9 in the western state of Goa, is expected to host 17 ministers and over 4,000 delegates from more than 100 countries.

Puri emphasized confidence in India's energy outlook, describing IEW as a 'golden opportunity' to showcase progress in energy and as a 'platform for further development and growth.'

India aims to install 50 gigawatts of clean energy by the end of the decade and achieve net-zero emissions by 2070, despite being predominantly powered by fossil fuels, with coal generating approximately 70 percent of the country's electricity and renewable energy contributing around 10 percent.

The growth of IEW in its second year, which now has 30 percent more exhibitors than in 2023, is a “testament to India’s strong economic credentials and commitment to energy innovation,” Puri said.

Saudi Arabia agreement:

Saudi Arabia, which signed several energy cooperation agreements with India last year, is also anticipated to participate in IEW next month.

In September of last year, Saudi and Indian officials reached an agreement to collaborate in renewable energy and energy security, followed by an initial agreement on electrical interconnection and co-production of green and clean hydrogen. Experts anticipate that the event in Goa will provide an opportunity for closer energy collaboration between India and the Kingdom.

“IEW provides a platform for both India and Saudi Arabia to reinforce collaboration in renewable and green technology,” Manish Mohan, director at the Confederation of Indian Industry, told the News.

“Saudi Arabia is collaborating in a major way with India, and we want to reduce our carbon footprint and take significant steps to reduce emissions.”

Lakshmi Priya, a fellow at the Indian Council of World Affairs, stated that Saudi-Indian collaboration will be beneficial for New Delhi.

“Cooperation with Saudi Arabia will help India in many ways. One, it will ensure hydrocarbon energy security for the ever-growing energy needs of India. Two, it will accelerate India’s transition to renewable energy,” Priya told the News.

“Collaboration in green hydrogen has immense potential to enhance our efforts in the production and usage of green hydrogen. The understanding between PM Modi and Crown Prince Mohammed bin Salman will do wonders for energy cooperation.”

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