India-Italy partnership: Energy Transition and Circular Economy
- IICCI
- Mar 14, 2022
- 1 min read
Updated: Apr 7, 2022
In 2021, Italian Prime Minister Mario Draghi and Indian Prime Minister Narendra Modi inaugurated a strategic collaboration in the Energy Transition sector, reaffirming the two nations' commitment to cooperating in a critical industry in which India will play a leading role in the next years.
India is a developing country with a need to expand its industrial capacity and a population of 200 million people expected to increase by 200 million in the next 20 years. All of these factors support predictions of a long-term doubling of energy demand, with the Delhi government planning to honour global obligations to sustainable growth at the same time.
Prime Minister Modi set the date for achieving climate neutrality for the first time in 2070 (10 years after China and 20 years after the United States and the European Union) at the 26th UN Climate Change Conference (COP26) in Glasgow on November 1, 2021, while also indicating important medium-term objectives. India plans to reach 500 GW of installed renewable energy capacity by 2030, with renewable energy sources accounting for 50% of the national energy mix and a 45 percent reduction in carbon intensity compared to 2005 levels. According to current predictions, activities related to India's energy transformation will generate 50 million employment and have a $ 1 trillion GDP impact by 2030, rising to $ 15 trillion by 2070.
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