Why in news? India Energy Week 2023 (IEW 2023) to be organised during India’s G20 Presidency, will be held in Bengaluru in 2023

Highlights:

• The curtain-raiser marks the beginning of a number of preparatory events being hosted in the run-up to the India Energy Week 2023.
• Various events include Dancing Charge Electric Vehicles and a car rally of Sustainable Fuel Vehicles from New Delhi to Manesar which will showcase India’s multiple pathways for a cleaner and greener energy future.
• The event is expected to feature more than 30 energy ministers, 50 CEOs and more than 10,000 delegates.
• There would be 19 strategic conference sessions covering themes such as Energy Security, pathways for decarbonisation, resilient energy supply chains, emerging fuels such as Biofuel and Hydrogen, Investments in Upstream and Midstream Sector etc.

India’s potential in Renewable Energy

• India presented ‘The Panchamrit’ of its climate action and notably iterated on the need for the transfer of technology and finance by developed countries to developing countries for the implementation of climate action

1. To operationalize Panchamrit, the Union Cabinet notified the updated Nationally Determined Contribution to the UNFCCC in August 2022
2. Through Panchamrit, India aspires to reach 500 GW non-fossil energy capacity
3. Meet 50 per cent of its energy requirements from renewable energy by 2030
4. Reduce total projected carbon emissions by one billion tonnes by 2030
5. Reduce the carbon intensity of the economy by 45 per cent by 2030

• India is inching towards carrying out its international energy commitments through its progressive international initiatives and policy changes
• India and France launched the International Solar Alliance, aimed at mobilizing USD 1 trillion investments in solar by 2030, to boost solar energy in developing nations.
• The Lok Sabha passed the Energy Conservation (Amendment) Act in August 2022.

1. The noteworthy features of the bill include mandating the use of non-fossil sources, including Green Hydrogen, Green and Ammonia,
2. Bringing large residential buildings within the fold of Energy Conservation regime
3. Enhancing the scope of Energy Conservation Building Code