India is the world’s third-largest energy consuming country, thanks to rising incomes and improving standards of living. Energy use has doubled since 2000, with 80% of demand still being met by coal, oil and solid biomass.
In India, that energy transformation is well underway. It is among the world’s top five countries in terms of renewable power capacity. Its ambitious target to increase India’s renewable energy capacity to 450 gigawatts (GW) by 2030 would help move it closer to achieving the country’s broader climate goals.
How Russia can help
With its abundant energy sources and appetite for trade diversification, Russia could be an ultimate long-term partner.
- Indian and Russian Energy Ministers announced that the countries’ companies have been pushing for greater cooperation in the oil and gas sector beyond the U.S.$32 billion already invested in joint projects. India referred to Russia as the largest investor in India’s energy sector.
- Petrochemicals: In Jamnagar, Gujarat, RIL and Russia’s Sibur Elastomers formed a joint venture to build South Asia’s first butyl and halogenated butyl rubber plant. The factory provides for India’s local needs while also exporting surpluses to Asia, Europe, the United States, and Brazil, among other places.
- Refineries: In keeping with the IEA’s Energy Outlook 2021, which identifies India as a vital refining hub in Asia, ONGC, IOCL, and Gazprom have signed MOUs to set up refineries in India.
- In efforts to transition to green energy, India has recently achieved a significant milestone of completing the countrywide installation of 100 gigawatts of total installed renewable energy capacity, excluding large hydro. It now aims to hit 175 GW of renewable energy target by December 2022.
- India could gain U.S.$11 trillion in economic value over the next 50 years by limiting rising global temperatures and realising its potential to ‘export decarbonization’.
- Russian companies have been involved in the construction of six nuclear reactors in the Kudankulam nuclear power project
- India’s nuclear power generation capacity of 6,780 MW may increase to 22,480 MW by 2031, contributing to the country’s efforts to turn to green energy.
- India and Russia secure the potential of designing a nuclear reactor specifically for developing countries, which is a promising area of cooperation.
- The current bilateral exchange rate needs to accelerate for India to grasp its potential from energy transformation.
- To meet its growing energy demand and succeed in green transformation, India needs approximately U.S.$500 billion of investments in wind and solar infrastructure, grid expansion, and storage to reach the 450 GW capacity target by 2030.
- Therefore, more efforts are needed to expand cooperation with such partners as Russia.
How to structure:
- Give an intro about India’s energy demand and green transformation
- Take a stand on whether Russia can help India. Mention how Russia can help India in this regard by giving supporting statements, in both the areas- conventional and new-age
- Mention any new initiatives
- Suggest way forward and conclude