India, UK sign Forward Action Plan on power
India and the United Kingdom have inked pact on ‘Forward Action Plan on power & clean transportation, renewables, green finance, and green energy research” under its 2030 roadmap.
‘Forward Action Plan’ was discussed at the “3rd India-UK Energy for Growth Partnership – Ministerial Energy Dialogue”, in the backdrop of “United Nations Climate Change Conference (COP-26)” which is set to start from October 31 in Glasgow.
Key discussions held during meeting
- Both the countries deliberated and agreed on a ‘Forward Action Plan. The action plan covers several topics such as energy storage, smart grids, charging infrastructure, green hydrogen, battery storage and need of mobilising investments across renewable energy.
- This action plan was agreed upon in the backdrop of India and the UK plan of exploring the possibility to set up a “world bank for green energy”.
- Energy transition was also a major area of discussion. Both the ministers discussed regarding the ongoing energy transition activities in their respective countries. Primary focus area in the meeting was renewables like solar, wind, EVs and other alternative fuels.
- There hasn’t been much grip on the Green Climate Fund that was set up to provide $100 billion annually to the developing nations by 2020 in a bid to counter climate change.
- The UK had also announced a $1.2 billion package for public and private investment earlier, in green & renewable energy projects. It also expressed its plan to collaborate with India on green hydrogen.
It is produced by splitting water into hydrogen and oxygen by electrolyser which is powered by electricity from renewable energy like wind and solar. This can be a game change for energy sector in India and help in reducing imports. India currently imports 85% of its oil and 53% of its gas demand.