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PM Modi pitches India’s emerging clean energy market at G7, urges investment from member nations

-By ArdorComm Media Bureau

In the midst of the Russia-Ukraine conflict and while attending the G7 Summit in Germany, Prime Minister Narendra Modi urged the Group of Seven (G7) countries to consider supporting and investing in India’s emerging markets for clean energy technologies.

The US, UK, Canada, France, Germany, Italy, and Japan make up the G7, an informal alliance of industrialised economies.

German Chancellor Olaf Scholz extended an invitation to PM Modi to join the G7 Summit this year as a partner country. Along with India, partner countries Indonesia, Argentina, Senegal, and South Africa also attended the summit.

India is currently developing into a significant market for sustainable energy technologies. The G7 nations can spend money on manufacturing, research, and innovation in this area. At the G7 Summit at a session on “Investing in a better Future: Climate, Energy, Health,” Modi emphasised that the scale that India can provide for every new technology can make it accessible for the entire globe.

The fundamental concepts of the circular economy are deeply ingrained in Indian culture and way of life.

“When a large country like India shows such ambition, other developing countries also get inspiration. We hope that the rich countries of G7 will support India’s efforts…” he said.

Modi reaffirmed the pledge made by India at the COP26 summit of the United Nations on climate change in Glasgow in November 2021: that the nation will reduce its emissions to net zero by 2070, not adding to greenhouse gases.

“All of you will agree that energy access should not be the privilege of only the rich,” Modi added, alluding to the Russia-Ukraine conflict, which has caused energy costs to rise globally. “A poor family also has the same rights on energy. And today, when energy costs are sky-high due to geopolitical tensions, it is more important to remember this.”

Modi met with all of the G7 leaders outside of the meeting, where the major topic of conversation was how to get energy as a result of the global fuel crisis brought on by the Russia-Ukraine war.

As Europe looks for methods to wean itself off Russian gas, the PM and Scholz discussed ways to improve their energy cooperation during their one-on-one discussion. India has received harsh criticism from Europe for continuing to purchase Russian oil despite the country being subject to western sanctions, but India has retaliated.

Modi praised Scholz in a tweet for the “warm hospitality during the @G7 Summit.”

“We discussed cooperation in key sectors like commerce and energy. We also had deliberations on furthering environmentally friendly growth for our planet,” he continued.

The two leaders met for the second time this year at this gathering. The previous meeting took place on May 2 during the PM’s trip to Berlin for the India-Germany Inter-Governmental Consultations.

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