US, Germany propose India-G7 partnership for decarbonization – EQ Mag Pro
The United States and Germany have proposed to establish an India-G7 partnership on behalf of the G7, to help India transition from a “fossil-based economy to a carbon-neutral economy”. The two countries are keen to announce the partnership at the G7 summit, where India has been invited later this month.
Sources said the idea is to prepare an India-specific ‘Just Energy Transition Plan (JETP)’, which will focus on ensuring climate justice while addressing the challenges of climate change as well as its commitments on increasing the share of renewable sources. The situation has been taken into account. energy mix. The G7 already has a similar $8.5 billion transition plan with South Africa, which has stated its intention to shut down coal-fired power plants in exchange for lower-emissions options.
The JETP paper for India, which is currently under consideration of the government, has suggested a two-stage approach. In the first phase, the focus will be on reducing India’s “carbon intensity” by deploying renewable energy in power generation. This would mean special investments on modernization of the electricity grid, deployment of energy storage and introduction of new green technologies.
In addition, the G7 has pushed the envelope on rolling back thermal plants currently in development stage and gradually closing coal mines. In particular, it has suggested that if India agrees, “Phase One could include a reduction in the pipeline of coal-fired power plants currently under development … conversion of coal-fired power plants and handling transition elements such as coal mine closures”.
In addition, it is proposed that targeted efforts be made in this phase to increase the production of green hydrogen and ammonia for industrial energy use “while improving energy efficiency in the power, transportation, industry and building sectors”.
In the second phase, the G7 suggested that it would make additional efforts to “broaden support across a broad range of sectors, including industrial and transport decarbonization needs”.
ET has reliably found that the larger objective is to gather together the resources of interested G7 partners and multilateral development banks, then through the Elmau Political Declaration to create an “investment and policy plan to identify key opportunities, projects and activities” through a statement. ,
Sources said the G7 proposal describes a partnership based on “trust and strategic cooperation” with an ambitious energy transition plan, which will enable India to “make a proper energy transition towards decarbonisation to reduce its dependence on fossils”. recognizes the need to intensify.” based energy production”.
Source: PTI
