11/10/2022 - Energy

KEY POINTS

·        Imported inflationary pressures through exposure to volatile oil and gas markets also pose risks to macroeconomic growth and stability, particularly for India, import-dependent for around 85% of its oil and half of its gas needs.

·        Reserves are often concentrated in regions that are geopolitically sensitive or fare poorly from an ease of doing business perspective.

·        Creating five-year road maps with clear targets for deployment and indigenous manufacturing across clean energy applications would provide visibility to domestic investors.

·        If there is adequate visibility on sourcing opportunities in conducive geographies, the private sector should be encouraged to secure minerals for its own requirements.

·        Support technologies that utilise domestically available materials. The deployment of technologies such as sodium-ion batteries could reduce requirements for sourcing minerals from beyond India’s borders.

·        While the current performance-linked incentive scheme on batteries is technologically agnostic.

·        India could consider creating a tranche of capital to incentivise investments in technologies that rely on local raw materials. It could also propose co-development of such technologies with geostrategic partners.

·        develop policies on urban mining aimed at recycling mineral inputs from deployments that have completed their useful life.

·        These could help further reduce dependence on international sourcing. India must act immediately and decisively to mitigate these risks to its energy security.

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