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ENERGY TRANSITION WORKING GROUP

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ENERGY TRANSITION WORKING GROUP

WHY IN NEWS ?

  • Recently, 4th and last Energy Transitions Working Group Meeting, held under India’s G20 presidency, came to a successful conclusion in Goa.

KEY OUTCOMES OF MEETING:

  • The discussions in the 4th ETWG meeting in Goa will continue to build on the first three meetings in Bengaluru, Gandhinagar, and Mumbai respectively,
  • to identify and promote best practices, policies, and
  • innovative approaches that support a just and inclusive energy transition.
  • There are six priority areas outlined under India’s G20 Presidency.
  • These priority areas reflect India’s focus on various aspects of energy transition and building global cooperation toward sustainable and clean energy development.
  • The six priority areas are

(i) Energy transitions through addressing technology gaps

(ii) Low-cost financing for energy transitions

(iii) Energy security and diversified supply chains

(iv) Energy efficiency, industrial low carbon transitions, and responsible consumption,

(v) Fuels for Future (3F) and

(vi) Universal access to clean energy and just, affordable, and inclusive energy transition pathways.

  • These Priority Areas focus on healing our ‘One Earth’, creating harmony within our ‘One Family’, and giving hope for our ‘One Future’.

WHAT IS ENERGY TRANSITION ?

  • Energy transition refers to the global energy sector’s shift from fossil-based systems of energy production and consumption including oil, natural gas and coal to renewable energy sources like wind and solar, as well as lithium-ion batteries.
  • The increasing penetration of renewable energy into the energy supply mix, the onset of electrification and improvements in energy storage are all key drivers of the energy transition.
  • Regulation and commitment to decarbonization has been mixed, but the energy transition will continue to increase in importance as investors prioritize environmental, social and governance (ESG) factors.
  • Generating power from renewables is only part of the energy transition.
  • Mass introduction of electric transportation infrastructure and energy storage, coupled with greater usage of technologies to improve energy efficiency, are also driving this movement.

ABOUT G20’S ENERGY TRANSITION WORKING GROUP :

  • The policy brief has been prepared as an input into the G20 Energy Transition Working Group’s deliberations on the role of transnational power system connectivity in the energy transition, and how to best support the development of existing or new connectivity efforts.
  • It details the Road Map’s vision, guiding principles, and nine strategies, and then provides a few case studies to illustrate how these strategies are being implemented in practice.

SYLLABUS: PRELIMS, CURRENT AFFAIRS

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