World Economic Forum 22 Davos and the Renewable Energy Outlook.
This year, The World Economic Forum at Davos, Switzerland triggered many important conversations around the energy security of the European Union, green hydrogen technology, and It also attracted many investments into the sectors.
The List of Key updates and inferences from Davos World Economic Forum
Europe’s Energy Security
- With the ongoing geo-political turmoil, Europe is looking towards energy independence and reducing its Gas Imports from Russia.
- Europe has a strong Wind potential both onshore and off-shore. They have the supply chain and technical expertise to ramp up wind power production.
- Europe is keen on expanding the wind potential in the region with a key focus on off-shore wind. Belgium, Denmark, Germany, and the Netherlands have set a combined target of 150GW of offshore wind by 2050.
- Solar power in Europe would be less probable as the solar industry heavily depends on China for module ad cell imports which is not encouraging signs for Europe. They would ideally like India to ramp up solar manufacturing capacities from their current 15GW annual Panel manufacturing capacity. India only has a 3GW cell manufacturing capacity. India also has a huge internal demand before they explore any exports.
Key Investments in Indian Renewables
- The Indian States including Karnataka, Maharashtra, and Andhra Pradesh were able to raise investment from Renewable energy Giants like Renew Power, Adani, Greenko, etc
- The green corridor in India is gaining some momentum, with key southern states like Karnataka, Tamil Nadu, and Karnataka along with Maharasthra having its presence at the event and displaying a favorable position for investment.
- Most of these investments are directed towards solar, Green Hydrogen, Battery manufacturing, wind power, and pumped storage Hydro
- Renew signs an MoU with Maharashtra government for Rs. 50,000Cr investment in the state to develop renewable energy to 10,000 -12,000MW.
- Adani, Greenko, and Aurobindo group signed a pact with Andhra Pradesh state to invest around USD 16Billion to develop renewable projects including pumped storage hydro, Green Hydrogen, Solar, and wind projects. The state aims to expand its renewable capacity to 33,000MW and create over 38,000 jobs.
- Renew power also signed an MoU with the state of Karnataka for an investment of INR 50,000Cr to set up manufacturing of battery storage and green hydrogen technologies in the next seven years. This could create close to 30,000 new jobs.
India -The fastest growing world economy
- India is being recognized as the fastest growing economy in the world stated India’s Minister of commerce Piyush Goyal
- The current geo-political scenario puts india on the world map as a stable, growth driven economy.
- India was able to increase its FDI investments considerably in the recent year. These are welcoming signs for India.
Energy prices said to increase
- Global Crude oil and energy prices are said to increase in the coming years due to ongoing geo-political issues.
- India heavily depends on Crude oil and Oil prices of USD 110/barell is causing global inflation.
- Energy prices going to increase globally and even in India. This could mean that more SECI tenders would be announced for renewables (with a slight increase in Tariffs, to make it profitable for IPP)
Green Hydrogen Outlook
- India sets ambitious plans to become the leader in the Green Hydrogen transition statement made by Honourable Minister of Petroleum and Natural Gas, Hardeep Singh Puri.
- India aims to produce 5million Tons of Green hydrogen by 2030 and companies like Adani, Reliance, Greenko are making investments in the sector. Reliance is aiming to produce the green hydrogen at USD 1/kg making it the most preferred source of energy in the years to come
- With vast investments in Renewables in the middle east and cheaper land and good renewable resources and a long coastline, the North Africa region could be the next big green hydrogen hub meeting the demands of Europe and the middle east.
- China aims to plant and conserve around 70billion trees by 2030. This initiative is to counter deforestation and also address climate change.
Disclaimer: Renewable Nation does not take responsibility for the accuracy of any facts and figures published in this article. These are just inferences and forecast made on the basis of information available on the public domain on the WOrld economic forum at Davos 2022. We are glad to correct the article in case of any mistakes.
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