Like many people, I care about the environment and the climate crisis. At the time of writing, the UK Labour Party is expected to announce that it would no longer spend £28bn a year on environmental projects if it won the upcoming general election. They are still talking about a £28bn figure, but are moving towards this figure coming from private investment but have no clear plan on how to obtain it. The Conservative Party are criticising the retraction, but they are not obviously planning to spend on environmental projects so they are not in a position to point fingers at anyone. With the obvious rancor between te political parties in the UK, I have no hope of them ever achieving anything other than more metaphorical and literal hot air.
I am more hopeful of emerging economies doing something positive, however. Did you know India’s renewable energy expansion plan is the world’s largest, with its installed non-fossil fuel capacity increasing by 396% in the last 8.5 years[1]? Currently, non-fossil fuel capacity stands at over 179.57 GW, which accounts for about 42% of the country’s total capacity. Taking advantage of this expertise provides an opportunity to create a significant economic opportunity for India to become a global leader in renewable batteries and green hydrogen[2].
India’s energy demands are increasing to match the economy’s stellar growth. In response, announcements at India Energy Week, inaugurated by Prime Minister Narendra Modi, have given details of the #investment promises to meet the rising energy demand.
- A major share of the planned infrastructure spending in next year’s budget will be allocated to the energy sector to meet the increasing demand. Notably, there is a $67 billion investment plan for the natural gas sector.
- India Energy Week 2024 is proactively focusing on #renewableenergy and #energytransition to transition towards a greener future by actively investing in renewables, with investments at record levels[1].
- The Indian Government budget for the fiscal year 2024-25 sets a focus on #renewables energy, with initiatives such as rooftop solarization and wind energy harnessing[3].
- India is also laying the groundwork for scaling up emerging technologies like #hydrogen, battery storage, and low-carbon steel, cement, and fertilizers[2].
These efforts reflect India’s commitment to renewable energy and its transition towards a sustainable and cleaner future. I wish the UK would give itself a kickstart in the right direction!
Sources
1 https://lnkd.in/d5TTssYU
2 https://lnkd.in/d9HBfr5G
3 https://lnkd.in/dh2Yc5a4
#IndiaEnergyWeek2024 #RenewableEnergy #EnergyInvestment #NaturalGasInvestment #EnergyTransition
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