- It was hosted by World Energy Council (WEC) and WEC Netherlands, and Ministry of Economic Affairs and Climate Policy of the Netherlands, City of Rotterdam, and Port of Rotterdam.
- The Congress seeks to explore the role of connected energy societies in driving forward global energy transitions in a world context which is less predictable, more turbulent and faster-shifting.
Participants:
There were around 5,000 delegates and 18,000 total attendees, including up to 70 Ministers and 250 C-suite from 150 countries and territories. It should be noted that the Developing Countries Scheme of WEC facilitates up to 250 delegates from developing nations to engage in discussions for a sustainable energy future.
- India is also a part of this scheme.
India in WEC 2024:
During a panel discussion on ‘The New Interdependencies: Trust, Security and Climate Resilience’, Pradip Kumar Das, Chairperson & Managing Director (MD) of Indian Renewable Energy Development Agency Ltd. (IREDA), represented India.
- India’s energy transition insights were shared during the discussions.
- India proposed allocating 4%-5% of domestic pension/insurance funds‘ Assets Under Management (AUM) into renewable energy bonds to boost bond market depth and attract more global and local investments.
- India aims for 500 GW (Giga Watt) non-fossil fuel energy capacity by 2030 and Net Zero emissions by 2070.
- Currently, India ranks 4th globally in renewable energy installed capacity.
Ministerial Round Table Conference:
A Ministerial Round Table Conference was also held, and discussions were made on the transformative impact of the COP28 United Nations (UN) Climate Change Conference in Dubai (United Arab Emirates), energy innovation, collaboration, and managing evolving energy trade-offs. It was attended by Secretary, Ministry of Power, Government of India (GoI), and Chairman WEC India Pankaj Agarwal; Deputy Prime Minister (PM) and Minister for Climate and Energy Policy of the Netherlands, H.E. Rob Jetten; and senior representatives of different countries and organizations.
- Union Power Secretary emphasized India’s pivotal role in 28th Conference of the Parties (COP28), citing G20 (Group of Twenty) New Delhi Leaders’ Declaration.
- The schemes highlighted during the discussion include India’s Mission LiFE (LiFEStyle For Environment) that promotes sustainable lifestyles, PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan) is a solar power scheme aimed at ensuring energy security for farmers in India, and solar rooftop programmes.
India’s Power Secretary and Indian Ambassador to Netherlands inaugurated India Pavilion
The Indian Pavilion at the Congress was inaugurated by Secretary Pankaj Agarwal, Ministry of Power; and Ambassador of India to the Netherlands Mrs. Reenat Sandhu.
- Through this pavilion, India showcased its innovative technologies and power generation practices, and reinforced India’s global commitment to environmental conservation.
- Central Public Sector Enterprises (CPSEs) under the Ministry of Power, Ministry of New & Renewable Energy, Ministry of Coal and Ministry of Petroleum & Natural Gas participated in the India Pavilion.
ADB charts course for sustainable growth with strategy 2030, unveils strategy at World Energy Congress
The Asian Development Bank (ADB) confirmed its commitment to a prosperous, inclusive, resilient, and sustainable Asia-Pacific through Strategy 2030, focusing on seven priorities viz. Education, Energy, Finance, Health, Transport, Urban, and Water; and enhancing private sector involvement, financial resources, and knowledge services.
ADB’s Commitment/Initiatives in 2023:
i.In 2023, ADB provided commitments of USD 23.6 billion, with disbursements totaling USD 17.8 billion. OCR net income reached USD 938 million, with an allocable net income of USD 1,423 million.
ii.ADB’s Board approved capital management reforms in September 2023, unlocking USD 100 billion in funding over 10 years to address climate change and other issues.
iii.ADB introduced Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), offering grants and guarantees for climate projects, and launched International Finance Facility for Education (IFFEd) to encourage up to USD 2 billion in education loans.
iv.Lending operations expanded, with outstanding loans reaching USD 151 billion by 2023-end.
Notes:
i.The 25th WEC was held in St. Petersburg, Russia from October 24–27, 2022.
ii.The 27th World Energy Council will be hosted by Saudi Arabia in Riyadh in 2026.
Recent Related News:
i.Indian Renewable Energy Development Agency Limited (IREDA) and IIT Bhubaneswar have signed a MoU to support innovation and research, technology transfer, and cultivate a thriving start-up ecosystem in the renewable energy sector.
About World Energy Council (WEC):
Secretary General and CEO– Dr Angela Wilkinson
Headquarters– London, United Kingdom
Establishment– 1923
About WEC India:
It is a country member of WEC It joined the Council in 1924. WEC India functions under the patronage of Ministry of Power, Government of India and with the support of the Ministries of Coal, New & Renewable Energy, Petroleum & Natural Gas and External Affairs.
Chairman– Pankaj Agarwal
Headquarters– New Delhi, Delhi
