Union Minister of Commerce & Industry, Consumer Affairs, Textiles and Food & Public Distribution, Piyush Goyal delivered a significant address at the inaugural Energy Transition Dialogue organised by the Observer Research Foundation (ORF) in New Delhi yesterday. In his speech, he emphasised India’s comprehensive approach to energy transition and its commitment to achieving clean energy goals.

Highlighting the immense growth expected in India’s economy over the next 30 years, Goyal underscored the urgent need to address the surging energy demand. He elaborated that India’s energy transition involves two key dimensions: reducing reliance on traditional energy sources and meeting the energy demands of rapid economic expansion. To accomplish this, India has been aggressively setting higher targets in various aspects of the energy transition, including clean energy production and green hydrogen and ammonia adoption.

He also highlighted the success of the Production Linked Incentive (PLI) program, emphasising that it extends beyond mobile phones and encompasses multiple sectors such as auto components, technical textiles, and green energy. India is making significant investments in solar PV manufacturing and green hydrogen production, reflecting its commitment to clean energy solutions.

Addressing the transition from coal, the union minister acknowledged the intermittent nature of renewable energy sources like wind and solar. He stressed the need for an alternate baseload power source and endorsed Prime Minister Modi’s vision of an international power grid as a potential solution to this challenge.

Regarding Carbon Tax, Goyal assured that India is actively engaged in discussions with the European Union and European countries to address concerns related to the carbon border adjustment mechanism. He explained that if the originating country imposes carbon taxes equivalent to those in the European Union, there will be no additional tax on Indian exports to these countries.

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He raised the issue of financing the energy transition, highlighting India’s minimal contribution to global greenhouse gas emissions and the need for developed countries to provide affordable technology and funding to support developing nations’ transition efforts. He criticised the developed world for falling short in delivering on their promises and emphasised the importance of concessional finance to facilitate the transition to clean energy worldwide.

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