A Bird’s Eye View on the Outcome of US Elections on India’s Energy Sector
by Chem Analyst Chemical Database PriceAs US heads towards Presidential
Elections, the energy policy makers in India are keeping a close watch on the
results which would decide its impact on the India-US ties. While Joe Biden
promises strong push towards renewable energy sources, Trump’s victory may
strengthen India’s oil, infra and defense sector. As soon as incumbent Donald
Trump pulled US out of the Paris climate change agreement, which aims at
mitigating the impact of greenhouse gas emissions on the global temperature
rise, Biden launched a campaign promising the US to achieve the target of net
zero emissions by 2050 and investing USD 1.7 trillion in the next ten years
towards actualizing the same.
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Biden’s proposal sounds well when
India has already shifted to fifth gear towards increasing its capacity of
clean energy projects. Clean energy projects comprise nearly a fifth of India’s
power generation capacity. By March 2022, India is aiming to produce 100 GW
energy from its ongoing solar projects and 60 GW from wind power plants. Coming
to the oil and gas sector, India has become the fourth largest export
destination for the US crude and the fifth-largest consumer of US LNG. India
has been already revisiting its crude sourcing strategy amid growing global
uncertainties post the COVID-19 outbreak, aiming to protect its consumers from
strong fluctuations in the international oil futures.
The India-US hydrocarbon trade
was valued at USD 9.2 billion in FY20. The two countries have also mutually set
up a gas task force (GTF) for discussions such as Natural Gas pricing, markets
and regulation, investments on gas infrastructure and demand growth. Hydrogen
has become a key area of interest for both the parties, with a public-private
Hydrogen Task Force being formed towards the same to scale up technologies to
produce Hydrogen from renewable energy and fossil fuel sources.
As per ChemAnalyst,
"whatever the outcome, the results would pave the way for India to
increase its refining capacity from 250 mtpa to 400 mtpa by 2025 and strengthen
its green energy needs to establish the longest-running energy partnership
between the two democracies."
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Created on Nov 5th 2020 07:06. Viewed 267 times.