9th Asian Ministerial Energy Roundtable in IEW23
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The Minister (P&NG) at the Opening Session of the 9th Asian Ministerial Energy Roundtable on 7.2.23 at 10 am made some invaluable and telling points. He emphasized upon the crucial need for energy security and justice in the world. He underlined the need for Asian nations to come together and work towards a more equitable energy future. While welcoming the Co-Host Mac Monigle, of the International Energy Forum and various excellencies and distinguished delegates highly appreciated the role played by IEF in strengthening international co – operation through dialogue between consumers and producers of energy. He further said that with new countries joining IEF and the increased role of IEF in G20, the role of IEF is bound to increase in the Energy sector.
He stressed upon the need to galvanize global efforts for, Mapping Stable & Secure Energy Pathways for achieving Energy Security, Energy Justice, Growth and Innovation. He quoted that 21st Century belonged to Asia which was vindicated by post pandemic energy sector in Asia. While the past century marked end of colonization in Asia the present century is marked by remarkable growth story of Asia due to demographic dividend and innovation. He said that the world economy has changed radically over the past decade and the Asian share of Global GDP has risen from 38% to 45% and is likely to exceed 50% by 2030. While the Asian Economy is expected to grow at an average rate of 4% in 2022 it will rise to 4.3% in 2023 which is less than 6.5% in 2021. Economic growth, urbanization, industrialization and improvement in energy access and living standards will result in rise of energy demand of over 3% between 2021 to 2030 for most Asian Economies. While affordable traditional energy are needed new cleaner, sustainable sources are critical to combating climate change. Transfer of low cost clean technologies are crucial for faster action to mitigate climate change. India as G20 President will endeavor for giving voice to developing/underdeveloped countries abd highlight common concerns of energy security, energy justice and sustainable energy. He said that he also had opportunity to hear from Global South for ideas regarding energy security. Advanced Economies committed over 500 billion in funds to support consumers by temporarily reverting to Nuclear and Carbon intensity sources to fill the energy gap, reduce poverty and food insecurity. The energy crisis has ripple effects on other sectors as well. Climate change is the defining challenge of our times and stakes are very high particularly high for Asian region. The reality is very complex as capacity to transition from hydrocarbons to low carbon energy are different across the globe. India recognizes that energy transition path will involve a variety of energy solutions to support energy and economic growth. India recognizes that its energy transition path will involve a variety of energy solutions. Advanced Biofuels, Green Hydrogen, Renewables and nuclear will all play critical role. India’s installed Renewable Energy(RE) capacity by Oct 2022 already stands at 166 Giga Watts. India is also targeting 15 MMT CBG from 5000 plants by 2023 with investment US $20 Billion. The Union Budget is a reflection of the Government’s vision for a prosperous and sustainable future of India. The Hon’ble Minster went on to state about Compressed Bio Gas, Lithium Ion Cells for EV batteries, Rs 10,222 Crore outlay for renewable energy sector. He said it’s a complex world and solutions to energy associated challenges were not simple. We need comprehensive responses by involving all stakeholders. He added that he was confident that the Roundtable Meeting will come up with new pathways and initiatives to strengthen energy security in this age of change and looked forward to the deliberations in two sessions.
The Asian Roundtable should provide some crucial leads to the energy landscape of a continent which is poised to make a mark in coming decades. The developing nations and other continents will increasingly be dependent on Asia for global energy sustenance which are economically sound and environmentally prudent. The Roundtable can also be a starting point for greater co operation amongst Asian nations which include both large producers and consumers of energy.