Running into the second and final day of deliberations, the Energy Transition Working Group had reached 60 per cent of the draft communique, said Pankaj Agarwal, secretary, ministry of power. He said all the G20 nations have given their consensus on the para on energy efficiency which was proposed by India.
“There is a breakthrough in the discussions on doubling the rate of energy efficiency by 2030 in the energy transition pathways. All member countries have approved the content proposed by India,” said Agarwal. The current rate of annual energy efficiency progress is 2 per cent, i.e globally economies used energy 2 per cent more efficiently than a year ago.
The International Energy Agency in a report last month noted – ramping up annual energy efficiency progress over 4 per cent annually by 2030 would deliver vital reductions in greenhouse gas emissions. It would also create jobs, expand energy access, reduce energy bills, decrease air pollution, and diminish countries’ reliance on fossil fuel imports – among other social and economic benefits, it had said.
The secretary highlighted there has been “substantial progress in negotiation.” He added, “G20 members have taken note of the voluntary action plan (VAP) of India, there has also been significant convergence on hydrogen related issues,” he said.
India has recently launched two credits programs – Green Credit and Carbon Credit aimed at incentivising green sectors by fossil fuel intensive industries.
The Working group has also taken note of the green hydrogen innovation centre proposed by India and the proposed Global Biofuel Alliance (GBA). Among the ‘fuels of the future’ are biofuels and hydrogen. India has already announced the creation of a GBA, of which the US would be the founding member.
Sources said there is still a lack of consensus on the definition of hydrogen and which type of hydrogen would need to be standardised and made part of the energy transition plans of G20 nations. India has been mulling at ‘low-carbon’ and ‘clean hydrogen’’ given the country has launched a scheme for green hydrogen (produced from using green energy).
The G20 ETWG has also identified technology gaps in energy transition mostly around Carbon Capture, Utilisation and Storage (CCUS), biofuels, small modular reactors and low cost financing for energy transition.
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