INDIA ENERGY SAMVAD: A Dialogue on Global and Domestic Energy Markets and Challenges
Webinar 1: ENERGY TRANSITION & FUELS OF THE FUTURE
Date and Time: January 12, 2022; 5:00 pm to 6:00 pm IST
Topic: Energy Transition & Fuels of the Future
Dr. Cyril Widdershoven, Founder and Sr. Advisor Geopolitics & Country Risk, Verocy
Moderator: Dr. Madhu P Pillai, Advisor (Special), Industry and Energy, CPPR
About the Event: As part of the Samvad series, CPPR plans to host events and discuss about relevant issues in the Energy sectors along with research activities that will be published in the public domain with the objectives of studying and analysing the best feasible blend of conventional as well as unconventional energy, understanding how the market energy and tariff have undergone a change in the recent decades in the field of policymaking and the way in which governments view these emerging energy markets that include sources of energy pricing, usage, etc. CPPR plans to carry forward a dialogue on these issues by bringing together important stakeholders for discussions on sustainable energy, generation and usage as well as by creating awareness about leveraging unconventional energy sources such as natural gas, exploring government commitments towards the energy sector across national and international levels, exploring the financial and practical dimensions of electric mobility especially for Indian markets and get an understanding of the operation of the Energy sector infrastructure in India.
The India Energy Samvad includes a series of webinars and dialogues on ‘Energy’ with the scientific community, industry experts, academia, and think tank professionals, in a global and domestic context, to come up with actionable policy inputs and recommendations. The series aims to deliberate on key themes and issues relating (but not limited to) understanding how the energy policies, in general, must be modified in current scenarios to meet the demands and challenges of the sector. The deliberations will have the background of COP26 Glasgow (2021), and many learnings from the global energy crisis.
This webinar series is a timely intervention for the visibly pressing issues of the energy market as well as a platform to discuss global and local challenges, commitments of countries and to engage with relevant stakeholders and policymakers.
Highlights of the Event
Energy transition is a pathway towards the overall transformation of energy – fundamentally from a fossil phase to zero-carbon means. The transition of Energy discussions is a dynamic process that will undergo several phases of changes, multidimensional challenges and understanding in the national and global energy systems.
The world is set to be changed extremely after the emergence of the global economy which was first based on coal and subsequently on oil and gas since 1910-1920s. Global economies are now shifting their focus towards the concept of energy transition.
Hydrocarbons are a major aspect of our economy but they have a major climate-related repercussion since their burning leads to the emission of Carbon Dioxide (CO2), a potent greenhouse gas. Since contemporary societies are largely hydrocarbon-based, the COP26 global conference focused on Net-Zero CO2 emissions from countries by the year 2050 by establishing a balance in reduction of the production of CO2 to reach net-zero targets.
This Energy Transition can be termed as an Energy Revolution that will become a large part of global economies by the year 2050 with energy demands increasing globally. To counter this demand proactively, there is a need to invest in additional renewables and carbon capture technology or fuels of the future that are less harmful than CO2 .
Several strategies can be followed for the same but the most optimistic assessments imply that we need 131 trillion US dollars of investments in renewables to reach our Net-Zero targets by 2050 and at the same time we will need 11.8 or 11.3 trillion investments in upstream oil and gas to keep global energy systems available with multi-dimensional investments being made.
With larger countries committing to Net-Zero targets in COP26 for 2050 while at the same time increasing industry holds on international oil and gas companies. Since COP26 statements are political statements, the primary concern is now how to set in place
Certain strategies that are functional to reach the goals that we have set for 2050
Finding the necessary investment opportunities and financial backing to put these projects in place without destabilizing the societal structures of national, regional and global economies with market structures, suppliers and consumers from these countries acquainting themselves with the process of Energy transition.
Energy demand will grow substantially most probably by three-to-four-point five percent per year every year and most non-developed countries are still not able to take on all the challenges of adopting wind, solar, nuclear, especially hydrogen energy.
The speaker states that the EU wants to become the first climate-neutral continent around the globe which means not only a cleaner environment but also more affordable energy along with smarter transport, the progress of which in some parts of the world has slowed down due to possibly energy security issues.
A system in which hydrocarbons are being phased out as much as possible by renewable or by new fuels would be opted for in the near future. Rationalism is necessary to ensure Energy transition along with a transition in mindsets of the people globally and in the whole society, especially with India being the largest democracy in the world. People/voters need to be engaged in the energy systems decision-making as consumers in order to make them invested in the process of the transition and ‘change’.
Asian economies and governments should be able to direct their focus towards different forms of energy such as Nuclear (we are bombarded with misconceptions about the same, there is a need to undo it) and Natural Gas, which is an easily available applicable energy transition fuel for the next 10-20 years to be fitted into the Energy structure systems and in turn substitute coal.
This event report was prepared by Murchana Hazarika, Research Intern at CPPR.