Daily Current Affairs : 22-July-2023
In recent times, India has been engaged in discussions with several Southeast Asian nations, such as Singapore and Thailand, to explore the potential for cross-border trade of renewable energy (RE) electricity. This move aims to significantly expand India’s cross-border electricity sales, which currently exist with Nepal, Bangladesh, Bhutan, and Myanmar, facilitating a total power transfer of about 4,423 megawatts (MW). Additionally, India is considering power trading with West Asian countries, including the UAE. This essay explores the significance of India’s efforts to boost its renewable energy capacity and promote sustainable energy trade.
India’s Ambitious Renewable Energy Goals
India has set ambitious targets to increase its renewable and big hydropower capacity to 500 gigawatts (GW) by 2030, a substantial increase from the current 177 GW capacity. The country recognizes the urgent need to transition towards sustainable energy sources to combat climate change, reduce greenhouse gas emissions, and minimize dependence on fossil fuels. Emphasizing the importance of renewable energy, the Indian government is keen on maximizing the potential of solar parks to contribute to the new capacity.
Reducing Fossil Fuel Dependence through Solar Power
One of the significant benefits of bolstering India’s renewable energy capacity, particularly solar power, is the potential to reduce the nation’s reliance on fossil fuels. Solar energy offers a clean and sustainable alternative, and by increasing capacity, India aims to make solar power available for longer durations during the day. This move will help offset the energy demand that is currently met by conventional fossil fuels, contributing to a more sustainable and eco-friendly energy ecosystem.
Cross-Border Renewable Energy Trade
- Existing Cross-Border Interconnections
As of now, India has operational cross-border interconnections with Nepal, Bangladesh, Bhutan, and Myanmar. These interconnections facilitate the exchange of electricity and have a total power transfer capacity of around 4,423 MW. By leveraging these connections, India has been exporting some power to neighboring countries, and this is set to increase significantly under the new plan.
- New Prospects with Southeast Asian Nations
India’s discussions with Southeast Asian nations, such as Singapore and Thailand, present exciting opportunities for further cross-border renewable energy trade. Collaborating with these countries will not only foster stronger regional ties but also enhance energy security and promote sustainable development across the region.
The Role of West Asian Countries
India’s consideration of power trading with West Asian countries, including the UAE, indicates a broader vision for expanding its renewable energy export market. Engaging in such trade agreements could potentially open up new avenues for renewable energy sales and create a win-win situation for all involved parties.
Important Points:
- India is in talks with Southeast Asian nations (Singapore and Thailand) to explore cross-border trade of renewable energy electricity.
- The current cross-border interconnections with Nepal, Bangladesh, Bhutan, and Myanmar facilitate a total power transfer of about 4,423 MW.
- India aims to increase its renewable and big hydropower capacity to 500 GW by 2030, up from the current 177 GW.
- Solar parks are expected to account for a significant portion of the new renewable energy capacity.
- The increased renewable energy capacity will help reduce India’s dependence on fossil fuels and combat climate change.
- Cross-border trade of renewable energy could lead to a manifold expansion of India’s electricity sales.
- India is also considering power trading with West Asian countries, including the UAE, to explore new markets for renewable energy.
- The collaboration with Southeast Asian nations will enhance regional ties, energy security, and sustainable development.
- Expanding renewable energy trade will create a win-win situation for all involved parties.
- India’s efforts in cross-border renewable energy trade set an example for other nations in achieving a greener and more sustainable future.
Why In News
India is actively engaging in dialogues with various Southeast Asian nations, forging partnerships with countries such as Singapore and Thailand, to facilitate the cross-border trade of renewable energy (RE) electricity.Through these collaborations, India aims to not only bolster its renewable energy sector but also foster regional cooperation in sustainable power exchange, contributing to a greener and more resilient energy landscape in Southeast Asia.
MCQs about Cross-Border Renewable Energy Trade
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Which of the following Southeast Asian nations is India in talks with for cross-border trade of renewable energy electricity?
A. Malaysia
B. Singapore
C. Vietnam
D. Indonesia
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How does India plan to ease its dependence on fossil fuels through renewable energy?
A. By exporting power to neighboring countries
B. By establishing more fossil fuel power plants
C. By making solar power available for longer hours during the day
D. By importing renewable energy from other countries
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What potential benefits does cross-border renewable energy trade offer to India and its neighboring countries?
A. Reduced energy security
B. Higher greenhouse gas emissions
C. Strengthened regional ties and sustainable development
D. Increased reliance on fossil fuels
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