How COVID-19 might impact India's renewable energy transition
India has some of the most aggressive renewable energy targets, but COVID-19 puts the model at risk. Will short-term needs distract from long-term goals?
Innovation and Clean Energy is one of the challenges identified by the World Economic Forum Platform for Shaping the Future of Energy and Materials.
The pace of innovation in energy has never been faster. Significant cost reductions and fast adoption of renewable energies like solar, wind and energy storage have transformed the energy landscape. Fourth Industrial Revolution technologies are digitizing and decentralizing industry and society, while giving more choice and control to consumers. These trends are positive, but fall short of creating the means to achieve the climate goals established under the Paris Agreement. In addition to the pressing environmental challenge at hand, energy innovation should also create new business opportunities and ensure universal availability and affordability.
The Innovation and Clean Energy challenge allows companies, governments and others to push the boundaries of innovation and expand available solutions across the energy value chain – for a better energy future.
The project delivers and fosters bold ideas for accelerating the pace of innovation in sustainable energy. A strategic collaboration with Mission Innovation – an alliance of 25 governments and the EU – allows companies to engage with governments to advance clean energy R&D and priority innovation issues. The project also works with interested companies and governments to establish a Global Sustainable Energy Innovation Fund, blending public and private sources of capital to de-risk investors and support innovators across national borders.
· Accelerating Clean Hydrogen
Hydrogen, as an energy carrier, has the potential to contribute to the energy transition if produced sustainably. This project mobilizes key stakeholders to accelerate the transition to a clean hydrogen economy. The Hydrogen Council – initiated at the Annual Meeting 2017 – has since been working to scale up public-private collaboration on clean hydrogen.
· Accelerating Carbon Capture Utilization and Storage (CCUS)
The penetration of renewable energy systems is not fast enough to abate carbon dioxide emissions to the levels required. This project aims to provide a framework where innovators, policymakers and the finance community can collaborate to deploy CCUS faster and replicate good practices in new regions and industries.
For more information, please contact Noam Boussidan, Platform Curator, Shaping the Future of Energy at Noam.Boussidan@weforum.org