New Delhi: India is in search of to foster worldwide cooperation to attain its vitality transition targets, the nation’s oil minister mentioned on Monday forward of the 2024 India Energy Week. 

The South Asian nation is about to welcome 17 ministers and greater than 4,000 delegates from over 100 nations for the second version of IEW, which can happen from Feb. 6 to 9 within the western state of Goa. 

During a press convention in New Delhi, Indian Oil Minister Hardeep Singh Puri expressed confidence in India’s vitality outlook and described IEW as a “golden opportunity” for progress associated to vitality to be showcased and as a “platform for further development and growth.”

India goals to put in 50 gigawatts of fresh vitality by the top of the last decade and to succeed in net-zero emissions by 2070. The world’s most populous nation continues to be principally powered by fossil fuels, with coal producing about 70 p.c of India’s electrical energy and renewable vitality contributing round 10 p.c. 

The progress of IEW in its second yr, which now has 30 p.c extra exhibitors than in 2023, is a “testament to India’s strong economic credentials and commitment to energy innovation,” Puri mentioned. 

Saudi Arabia, which final yr signed numerous agreements on vitality cooperation with India, can also be anticipated to participate at IEW subsequent month. 

“Saudi Arabia is an important part of India Energy Week, with Aramco being one of the main platinum sponsors of the event,” Puri mentioned. 

Saudi and Indian officers agreed to cooperate in renewable vitality and vitality safety simply final September, which was adopted by an preliminary settlement on electrical interconnection and co-production of inexperienced and clear hydrogen. 

The occasion in Goa might be a chance for nearer vitality collaboration between India and the Kingdom, consultants mentioned.

“IEW provides a platform for both India and Saudi Arabia to reinforce collaboration in renewable and green technology,” Manish Mohan, director on the Confederation of Indian Industry, informed Arab News. 

“Saudi Arabia is collaborating in a major way with India, and we want to reduce our carbon footprint and take significant steps to reduce emissions.” 

Saudi-Indian collaboration might be helpful for New Delhi, mentioned Lakshmi Priya, a fellow on the Indian Council of World Affairs.

“Cooperation with Saudi Arabia will help India in many ways. One, it will ensure hydrocarbon energy security for the ever-growing energy needs of India. Two, it will accelerate India’s transition to renewable energy,” Priya informed Arab News. 

“Collaboration in green hydrogen has immense potential to enhance our efforts in the production and usage of green hydrogen. The understanding between PM Modi and Crown Prince Mohammed bin Salman will do wonders for energy cooperation.”