Energy Transition and Climate Economy

India is the third-largest energy consumer in the world and is growing at amongst the highest rate of any major economy with huge ramifications for global energy use. In 2019, India’s consumption rose 2.3 per cent, higher than the global average of 1.3 per cent. Coal, oil and natural gas are among the most important sources of primary energy in India, though renewable energy is well established and growing at world leading rates. As of June 2022, India has installed over 114 gigawatts (GW) of renewable energy capacity, ranking among the highest in the world alongside countries like Brazil, Japan and Germany. Solar energy is particularly strong and India leads the International Solar Alliance, an alliance of more than 120 countries. The Government of India has set a Net Zero target of 2070, with a significant goal along the way to achieve 50% of its energy from renewable resources by 2030.

The UK government aims to reach Net Zero by 2050, with a transitional target of 78% emissions reduction by 2035 compared to 1990 levels. In 2020, the energy industries contributed 2.1% of GVA (Gross Value Added) to the UK economy. Oil and gas remain the sector’s greatest contributors, with oil accounting for 27% of the 2020 energy total and gas accounting for 11%. Like India, the UK is showing positive trends in the renewable energy sector, accounting for 43.1% of electricity generated in the UK during 2020, a more than 6% rise from 2019. In 2020, the government announced a policy to ‘Build Back Greener’. This policy announced a commitment to establish the UK as a world leader in clean energy and aims to strengthen the Government's commitment towards the UK attaining net zero emissions by 2050.

The growing strength of the UK and India's renewable energy sectors and Net Zero commitments make for an exciting partnership between our countries.

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