Energy transition to become a USD 23-trillion market by 2030: US Energy Secretary

economictimes.indiatimes.com:

global energy transition — the shift from fossil-based fuels such as oil and coal to renewable sources like wind and solar — is estimated to become a USD 23-trillion market by 2030, US Energy Secretary Jennifer Granholm said on Tuesday as American companies seek closer ties with Indian firms to tap this opportunity. Speaking at the ministerial meeting of the US-India Strategic Clean Energy Partnership (SCEP) here, she said the US will have to add 2,000 gigawatts of clean energy to its electric grid by 2035 to meet the goal of using 100 per cent electricity from clean sources.

«So that means we have to do everything, everywhere, all at once. And so in order to do that, we have to partner and we've got to learn from those who are doing it well and can scale (up) really well,» she said.India has announced aims to reach net zero emissions by 2070 and to meet 50 per cent of its electricity requirements from renewable energy sources by 2030.

It is targeting installing 500 gigawatts (GW) of renewable energy capacity, reducing the emissions intensity of its economy by 45 per cent, and cutting a billion tonnes of CO2. These common goals provide scope for cooperation, which led to the setting up of the SCEP.

«We say, in the United States, this transformation, this transition, this explosion of clean energy is private sector-led government enabled,» she said. «And so it is very important that we hear from you who are doing it.» A «USD 23 trillion global market awaits us in terms by 2030.

So there is a huge economic opportunity. And obviously, we cannot walk outside without realizing that we all share a home and our shared home requires us to help from all.» Speaking at the meeting, Oil Minister Hardeep Singh Puri said New Delhi