India's Energy Security Strategy: Diversification and Clean Technologies
Key Ideas
- India's Economic Survey advocates for a diversified energy mix, including thermal power and clean coal technologies, to ensure energy security and low emissions.
- The survey emphasizes the integration of renewables, nuclear energy, and biofuels alongside exploring clean coal technologies like Coal Gasification, Coal to Hydrogen, and Carbon Capture and Storage.
- India aims for a balanced approach to climate action, prioritizing availability, affordability, and accessibility of financial resources to drive the green transition and meet the goals of the Paris Agreement.
- The survey highlights the importance of developed countries providing financial support to developing nations for climate-related issues, emphasizing the need for at least $1 trillion annually for developing countries' transition.
In the 2023-24 Economic Survey tabled by Union Finance Minister Nirmala Sitharaman, India's energy security strategy is outlined to diversify energy sources while minimizing system risks. The focus includes thermal power, particularly coal, to provide a base load alongside clean coal technologies like Coal Gasification and Coal to Hydrogen. The survey stresses integrating renewables, nuclear energy, and biofuels to achieve national commitments. It acknowledges the challenges of scaling renewables due to intermittency and grid integration issues. Importantly, the survey emphasizes a balanced climate action approach, prioritizing financial resources for a green transition. India calls for developed countries to support developing nations with at least $1 trillion annually for climate-related investments. This strategic approach aims to ensure energy security, reduce emissions, and align with global climate goals.