07/12/2020 - Indian Economy

KEY POINTS

Themes in energy transition

·        The first is the US shale revolution, which transformed the US from a major importer of oil and gas to a significant exporter;

·        The second is the leveraging by Russia of its gas exports to compel former members of the Soviet Union to stay within its sphere of influence and to embrace China into an energy partnership .

·        The third is China’s assertion of its rights over the South China Seas — a critical maritime route for its energy imports and the Belt and Road initiative;

·        The fourth is sectarian strife in the Middle East which, compounded by volatile and falling oil prices, has brought the region to the edge;

·        The fifth is the Paris climate summit and its impact on public sentiment, investment decisions, corporate governance and regulatory norms.

·        And the last is the consequential impact of the manifold and impressive advancement of clean energy technologies. Specifically, they throw up policy initiatives set along the twin axes of fossil fuel and renewables.

India’s Approach

·        India must develop its own world-scale, competitive, manufacturing systems for photovoltaics (PVs) and battery storage. If not, it will find itself on the horns of a dilemma.

·        It will not be able to provide affordable solar units unless it accepts the further deepening of dependence on Chinese imports.

·        India must prepare a clean energy technology strategy. Technology is the answer to the energy transition. That is what will bring the system to the tipping point of radical change.

·        Specifically, as regards the latter, clean energy technology offers an early and mutually beneficial platform for collaboration between India and USA.

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