Global Energy Transition: Redefining India’s Energy Roadmap

Abstract

The onset of transition and transformation in the global energy landscape is disrupting the prevailing energy order,defined by the hydrocarbons. The power dynamics unfolded by global environmental concerns (Paris Agreement)and smart technology is changing the geopolitics by shifting the strategic leverage between energy producers andconsumers at various levels: globally, regionally and within the national boundaries. In this strategic shift, the Asianconsumers are emerging as critical players both as promoters and spoilers of global energy transition. Since they arethe largest consumer of fossil fuel, their compliance with Paris Agreement is going to be vital in meeting the targetsand time line. Thus IEA has rightly observed, “Energy developments in India transform the international energysystem, and, in turn, India will be increasingly exposed to changes in international markets.”Clearly the Indian roadmap of energy transition is going to be influenced if not determined by its global commitmentto meet Intended Nationally Determined Contribution (INDC). The government therefore has all reasons to scale upits targets and execution. However in meeting the targets, it has to address the issue of energy poverty as well. Thusthe roadmap has to meet the convergence of minimizing carbon emission meeting the growing energy needs of thepoor. This calls for re defining the organizing principle of India’s energy policy. Besides ensuring supply security ataggregate level it demands meeting the objectives of energy justice. The transition thus involves not only hugefinancing (estimated to be 2.5 trillion dollar) and massive technological push but the compatible institutionalmechanism and effective system of governance also. Indian energy roadmap has to recalibrate global energyengagement beyond the search of hydrocarbons in consonance with the imperatives of energy transition defined byglobal and local context.