One of the crucial factors involved in our country’s economic development is satisfying the ever-increasing demand for energy services alongside meeting the ambitious climate goals. Striving to achieve the status of a developed nation by 2047 as proposed in its ‘Viksit Bharat 2047’, India in the light of providing clean, reliable and affordable energy to all its citizens and realising its commitments on sustainable development, has made significant steps towards achieving its share of clean energy (203 GW as of Oct 2024) and emission reductions (33% from 2005-2019). Taking into account, India’s growing emphasis on renewable energy resources, we also need to factor that fossil fuels dominate the energy mix. India’s energy security is increasingly at risk due to its heavy dependence on fossil fuel imports amid volatile geo political landscape, and therefore a strategic shift towards renewable energy and stronger international partnerships is crucial for ensuring long term stability and sustainability.
FACING WITH THE VULNERABITY
India’s increasing use of fossil fuels to cover up the shortage of our energy needs tend to seem a ‘drag’ on meeting our climate ambition goals as specified by Climate Action Tracker. Due to our high dependency on coal and gas imports, we are posed with certain kind of vulnerabilities amid the global geopolitical tensions. Global oil prices are highly volatile and can fluctuate due to geopolitical tensions, natural disasters or changes in production in major oil producing economies. This puts strain on budgeting and economic planning for India. Instability in oil producing nations can lead to supply disruption. For example, tensions in Middle East or sanctions on countries like Russia can impact the steady flow of oil and gas to India. Also, high import bills can strain the Indian economy leading to trade deficits and affecting the value of rupee. It also diverts funds from other critical sectors like education, healthcare and infrastructure. Moreover, India’s commitment to reducing carbon emissions and transitioning to renewable energy resources is hindered by its current energy dependency.
IMPACT OF GLOBAL GEOPOLITICS
It tends to seem that tensions in the global geopolitical landscape can have a direct impact on India’s energy security. Taking the example of Russia-Ukraine war, India has increased its import on Russian discounted oil to mitigate the economic impact of rising global prices. This has strained India’s relationships with the western countries which has imposed sanctions on Russia. India has the need to carefully balance its diplomatic stance maintaining its relationship with Russia alongside engaging with western countries. This balancing act has been crucial for India’s strategic interests, especially in relation to China. On the other hand, the Israel-Hamas conflict has been causing a lot of maritime commercial traffic in the Indian Ocean region. This can disrupt the safe passage of oil shipments to India. Also, India’s ties with Israel can complicate its relations with Arab nations which proves to be a major supplier for oil imports of India.
CONCLUSION
The above analysis throws light on the fact that in addition to transitioning to renewable energy, working on our reduction of fossil fuels imports, we also need to improve our strategic partnerships by maintaining International Ties which can help us secure our energy future and mitigate geopolitical risks. Moreover, it helps to diversify our Foreign Direct Investments and can open up new markets in India. India’s integration with countries on a global landscape can enhance India’s efficiency and its competitiveness. Also, we need to expand our energy sources. In addition to focusing on wind, solar, hydropower, etc., it needs to improve its scope in the area of ethanol blending and scale up its bioethanol production especially from sources like sweet sorghum. It needs to explore new oil sources for its imports by strengthening ties with countries like Brazil, Argentina, Suriname, etc., Moreover, it can implement more policies like Pradhan Mantri Ujjwala Yojana to ensure clean cooking access for all households. By strengthening its energy infrastructure and fostering global collaborations, India can move towards a path of self-sufficient, resilient and sustainable development.
Author : Ms. Yazhini Sivaraja Graduated in BA Economics from Stella Maris College, Chennai.
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