Nations highlight critical need for investments in the energy sector

India’s Minister for Environment, Forests & Climate Change underscored the need for rational utilisation of fossil fuels and fossil fuel resources for power generation to ensure energy security. Delivering the inaugural address at the Ministerial Session on “Adapting to an uncertain future, reshaping of global partnerships”, Bhupender Yadav said India must be flexible and accommodating to fresh developments in technology, global economy and international competition.

Offering essential insight into the policies and priorities of the country at the centre of global energy transition, the inaugural edition of India Energy Week is the first major event under India’s G20 Presidency. It convenes policymakers, business leaders, and innovators from across the international energy value chain under the theme of Growth, Collaboration, Transition.

While the country develops sustainably, India is committed to reduce emissions intensity of its GDP by 45 percent by 2030 and achieve net zero by 2070, Yadav said. As one of the fastest growing emerging economies, India’s nominal GDP is projected to grow 10.5 percent year on year to Rupees 301.75 trillion in 2023-24, he added. India is aiming to become a US$ 5 trillion economy by 2025. The session also had ministers from Zimbabwe, Mozambique and Tajikistan.

Zimbabwe imports most of its energy as the country does not generate enough power due to aging utilities and plants and is looking for investments in this vital sector, Magna Mudyiwa, the country’s Deputy Minister of Energy & Power Development said. The African country has installed capacity of 2310 mega watts (MW) but the power generated is inadequate as the main hydro power station has been hit by “climate”, the minister said. Although Zimbabwe’s thermal power generation capacity is 920 MW, actual power generated is only 400 MW. Some 156 MW from renewables is fed into the country’s grid, she said.

“We are too far from transitioning from thermal and hydro power, we have the potential to generate more. We need more investments to generate more electricity,” she said. Neighbouring Mozambique is faced with similar energy problems with access to power limited to just 48 percent which is low, Antonio Osvaldo Saide, Deputy Minister of Mineral Resources & Energy told delegates.

This global gathering is the ideal platform for policymakers, business leaders, researchers, and entrepreneurs to contemplate, deliberate and take decisive steps to navigate the ever-evolving energy landscape

The country has plenty of coal which it also exports but power generation is mainly from hydro, solar and natural gas. “We have a long way to go, we have challenges in terms of energy demand, our neighbours too have the same challenges,” he said. International investors can seek opportunities in natural gas as well as in the renewables sector, the minister added.

Crucially, the minister announced that Mozambique can also offer critical minerals for investors to process in the country that would allow energy transition to take place. Sorboni Kholmuhamadzoda, Deputy Minister of Energy & Water, Tajikistan also underscored the need for cooperation from neighbouring countries in Central Asia in energy transition.

Tajikistan generates 700 MW of power from renewables, mainly solar and wind and is deeply on the path of transition, he said but “any transition is difficult without neighbouring countries.” Investment opportunities abound for international investors in Tajikistan as almost 95 percent of hydro power is yet to be exploited, he said.

“We have to develop renewables aggressively and implement new projects in energy conservation and make our energy system resilient and sustainable,” the minister said. As part of India Energy Week, over 30,000 visitors from more than 100 countries are meeting in Bengaluru to analyse critical trends shaping the energy sector, showcase innovations that will forge new pathways in the global transition to net-zero, and build partnerships that will deliver sustainable growth and solutions to the energy trilemma.

India Energy Week’s Strategic Conference brings together Ministers, CEOs, and policymakers to share insights on the trends impacting global energy markets. Executive Sessions convene business leaders at the forefront of the energy transition to share best practices in pursuing the net-zero agenda, while the Technical Conference offers engineers and project managers access to the latest industry expertise.

India Energy Week’s agenda includes the G20 Energy Transitions Working Group and the 9th Asian Ministerial Energy Roundtable (AMER9), convening energy ministers from key Asian countries to map new pathways for energy security, inclusive growth, and energy transitions.