New Delhi: India is seeking to foster international cooperation to achieve its energy transition goals, the country’s oil minister said on Monday ahead of the 2024 India Energy Week.
The South Asian country is set to welcome 17 ministers and more than 4,000 delegates from over 100 countries for the second edition of IEW, which will take place from Feb. 6 to 9 in the western state of Goa.
During a press conference in New Delhi, Indian Oil Minister Hardeep Singh Puri expressed confidence in India’s energy outlook and described IEW as a “golden opportunity” for progress related to energy to be showcased and as a “platform for further development and growth.”
India aims to install 50 gigawatts of clean energy by the end of the decade and to reach net-zero emissions by 2070. The world’s most populous nation is still mostly powered by fossil fuels, with coal generating about 70 percent of India’s electricity and renewable energy contributing around 10 percent.
The growth of IEW in its second year, which now has 30 percent more exhibitors than in 2023, is a “testament to India’s strong economic credentials and commitment to energy innovation,” Puri said.
Saudi Arabia, which last year signed a number of agreements on energy cooperation with India, is also expected to take part at IEW next month.
“Saudi Arabia is an important part of India Energy Week, with Aramco being one of the main platinum sponsors of the event,” Puri said.
Saudi and Indian officials agreed to cooperate in renewable energy and energy security just last September, which was followed by an initial agreement on electrical interconnection and co-production of green and clean hydrogen.
The event in Goa will be an opportunity for closer energy collaboration between India and the Kingdom, experts said.
“IEW provides a platform for both India and Saudi Arabia to reinforce collaboration in renewable and green technology,” Manish Mohan, director at the Confederation of Indian Industry, told Arab News.
“Saudi Arabia is collaborating in a major way with India, and we want to reduce our carbon footprint and take significant steps to reduce emissions.”
Saudi-Indian collaboration will be beneficial for New Delhi, said Lakshmi Priya, a fellow at the Indian Council of World Affairs.
“Cooperation with Saudi Arabia will help India in many ways. One, it will ensure hydrocarbon energy security for the ever-growing energy needs of India. Two, it will accelerate India’s transition to renewable energy,” Priya told Arab News.
“Collaboration in green hydrogen has immense potential to enhance our efforts in the production and usage of green hydrogen. The understanding between PM Modi and Crown Prince Mohammed bin Salman will do wonders for energy cooperation.”