Why in News?
- Japan looks forward to supporting India’s clean energy transition by involving India in the Asia Energy Transition Initiative.
- Japan’s AETI, introduced in 2021, primarily supported the Association of South East Asian Nations (ASEAN) countries towards accomplishing net zero emissions, together with financial assistance of USD 10 billion for renewable energy.
About Asia Energy Transition Initiative-
- In 2021, Asia Energy Transition Initiative was launched by Japan and supported by the Association of Southeast Asian Nations (ASEAN).
- There is financial assistance of $10 billion for transition through renewable energy and the objective of the initiative is to help countries to attain net zero emissions.
- The key objectives of AETI are,
- Support for developing energy transition roadmaps.
- Presentation and promotion of the concept of Asia Transition Finance.
- US$10 billion in financial support for renewable energy, energy efficiency, LNG, CCUS and other projects.
- Technology development and deployment, utilizing the achievement of the Green Innovation fund (GIF), for e.g, offshore wind, fuel-ammonia, hydrogen etc.
- Human resource development and knowledge sharing.
- India and Japan already have a clean energy partnership which plans to cover many areas like e-mobility, renewable energy, energy efficiency initiatives, green hydrogen, etc.
Key Highlights of India Japan Clean Energy Cooperation-
- The Clean Energy Partnership between India and Japan was announced in March 2022.
- It would work on the agenda covered in the India-Japan Energy Dialogue 2007 and will subsequently expand cooperation into areas of mutual benefit.
- Both, India and Japan has taken over the Presidentship of G20 and G7, respectively. I n view of environmental sustainability, India’s Lifestyle for Environment (LiFE) is one of the most important priorities during the G20 presidency.
- Also, the Feed-in Premium (FiP) scheme by the government of Japan was launched in April 2022 and is expected to enhance the country’s energy transition.
- Japan has set a target of becoming net-zero by 2050, and the government published an interim report on Clean Energy Strategy in May 2022.
- India has also set an ambitious goal of attaining net-zero emissions by 2070.
- The Indian subcontinent’s massive renewable energy potential can encourage green hydrogen (GH2) production and vast potential for a GH2 economy. Nepal and Bhutan also have huge hydropower potential, and green hydrogen electrolyzers can tap this in countries such as India and Bangladesh.
- Events like the India-Japan Environment week would support to develop a roadmap to integrate variable renewable energy into the system through technological, institutional, and personnel cooperation.
About Clean Energy Transition-
- Clean energy transition means the shift from traditional, fossil fuel-based energy sources (like coal, oil, and natural gas) to cleaner, more sustainable sources of energy that have a lesser impact on the environment.
- This transition is driven by the need to decrease greenhouse gas emissions, reduce the effects of climate change, and address other environmental and public health concerns associated with the use of fossil fuels.
- Clean Energy Sources- Clean energy sources involve renewable energy sources such as solar, wind, hydro, geothermal, and biomass energy, together with energy storage technologies like batteries and hydrogen fuel cells.