As the world moves towards Net Zero and sustainability in energy, this year’s India Energy Week exhibition provides an outstanding platform for domestic and international energy businesses to form partnerships. Alongside strategic conversations, the event will create opportunities for the global energy value chain. There are over 350 exhibiting companies attending India Energy Week from all over the world, for example, as New Zealand, Taiwan and the US. The event takes place in Goa, India, on 6 – 9 February 2024.
There is a wide range of relevant topics, such as there is a lot of interest in topics such expertise in alternative and renewable energy sources and 5g communications and beyond. International collaboration between companies brings many benefits, from economic gains to innovative breakthroughs. Artificial Intelligence is touted as one way that we can approach Net Zero initiatives, such as conserving water through reservoir management. Experts are also attending to showcase their innovative solutions in AI as an enabler to support the energy transition.
Partnerships increase reach to new markets
During COP28, India Prime Minister Modi noted that has 17 percent of the world’s population. Despite being the world’s most populous country, India is one of the few economies in the world that is on track to meet the NDC targets. India’s target remains to reduce emissions intensity by 45 percent by 2030, and there is a great deal of focus on increasing the share of non-fossil fuel to 50 percent of the mix. With these ambitions in mind, new markets will emerge as initiatives develop and take shape to revolutionize the energy sector. It’s an excellent time to reach brand recognition and expand the customer base as the market grows. Developing a brand to attract the best talent with the most relevant skills in climate change, energy security, and energy equity is vital. Given the nascent form of the market, it is an opportune time to get your ‘foot in the door’ to develop influential connections as the energy value chain takes shape.
Balancing Ideas with a need to show progress towards Net Zero
International partnerships accelerate innovation and support companies in inventing new products, services, and processes to give them a competitive edge in the emerging renewable, hydrogen gas, and alternative energy sources market.
Partners help each other in a variety of ways. For example, partners can work together to share resources and help one another in technology-specific areas such as collaborative design, knowledge and best practices, data analysis, and reporting for compliance purposes, for example.
Given that the energy industry is producing ideas and conducting research and design to produce hydrocarbons, alternative and renewables energy sources to support energy demand, organizations could share production capacities, leading to substantial cost savings and efficiency optimizations. For example, companies can benefit from economies of scale or cheaper manufacturing options in other countries. Initiatives such as these are crucial for utilities & power generation, for example, to meet the world’s needs now and in the future.
Partnerships help sustainabiity initiatives to support green energy growth
Partnerships can also concentrate on sustainability and social responsibility initiatives, which are crucial for enabling equity in energy security and stability in the age of climate challenges. By working together, partnerships can jointly invest resources, embarking on new joint initiatives to resolve the impact of global challenges such as climate change, resource shortage, and social inequality. As a result, partners could achieve better outcomes more efficiently than companies might be able to on their own. It is also important to note that ventures will involve risk, too. From an individual company perspective, these risks may be too much for a single entity, thereby stopping the initiative altogether. However, international cooperation can disseminate risk among the partners by sharing the cost burden.
The Energy Supply Chain needs partnerships
Since the initiative to move towards Net Zero is pressing, it is essential to secure and protect the supply chain to reduce the risk of disruptions. As India’s economy continues to grow, it is the perfect time to set up international partners who can help one another facilitate the supply chain involved in production by pooling resources in different parts of the world. By establishing relationships with suppliers, manufacturers, and distributors in other regions, companies can ensure a more stable supply of materials.
Balancing Compliance and Data Protection Regulations with International Innovation
Partnerships will be integral in shaping the future of India’s energy landscape, mainly since India is the third largest energy user in the world. Companies need to understand compliance, data protection, and regulations in other parts of the world so that this can have a beneficial impact on their growth opportunities. Navigating the complex regulatory environments of different countries can be challenging. International partners with local knowledge can provide valuable guidance, ensuring compliance with local laws, regulations, and business norms, thereby reducing the risk of legal issues.
Next Steps
To summarise, join us at India Energy Week to see how companies innovate towards Net Zero and green energy with their breakthrough products and services. Getting involved in green initiatives, such as hydrogen energy, and exploring new opportunities in the energy sector is crucial. Together, the benefits spotlight the strategic significance of multinational teamwork to boost the growth and success of individual companies. It is also a significant step forward in addressing wider financial, social, and environmental challenges on an international scale.
To learn more about the companies showcasing their innovation at India Energy Week, click here.