{"id":190228,"date":"2022-06-13T20:18:37","date_gmt":"2022-06-13T14:48:37","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=190228"},"modified":"2022-06-13T20:18:37","modified_gmt":"2022-06-13T14:48:37","slug":"welcome-a-g-7-package-for-an-energy-transition","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/welcome-a-g-7-package-for-an-energy-transition\/","title":{"rendered":"Welcome a G-7 package for an energy transition"},"content":{"rendered":"\n

News<\/strong>: It\u2019s a win for India’s diplomacy that the G7 group looks set to offer it a climate partnership deal. Unless it places an unfair burden on us, let\u2019s use the funds to decarbonize our economy faster.<\/p>\n

What is the Just Energy Transition Partnership (JETP)?<\/h5>\n

Upon taking over the G-7 presidency for 2022, host Germany had promised to build on Glasgow\u2019s momentum.<\/p>\n

Approach<\/strong>: The German approach includes building not just climate partnerships, but \u201cclimate and development” alliances beyond the G-7, though largely focused on G-20 members.<\/p>\n

Significance<\/strong>: This is significant because this approach takes into account the societal and economic development of each partner and will not try to force-feed partners a standard solution.<\/p>\n

The likely template will be the Just Energy Transition Partnership (JETP)<\/strong> that France, Germany, the UK and US, along with the EU, signed with South Africa at last year\u2019s CoP-26.<\/p>\n

That partnership\u2014with special emphasis on the words \u201cjust” and \u201ctransition”\u2014is about helping fund South Africa\u2019s decarbonization by replacing coal usage with clean energy.<\/p>\n

The agreement also recognizes that a departure from coal cannot happen overnight<\/strong>, and a big move away from carbon emissions would require options for the vast number of people employed by coal-based power plants.<\/p>\n

At its core, the idea is to assist green transitions by making finance available<\/strong> from developed countries, multilateral institutions and groups of green investors.<\/p>\n

What is the climate deal being offered to India by G7?<\/h5>\n

The US and Germany have proposed a G-7 partnership with India<\/strong> to support and fund the makeover of its energy mix from fossil fuels to carbon-neutral sources.<\/p>\n

Such a deal is likely to be announced later this month at the G-7 summit in Schloss Elmau, Germany, should New Delhi and the seven agree to the JETP on the table.<\/p>\n

India is a special invitee to this year\u2019s summit, along with Indonesia, South Africa, Senegal and Argentina.<\/p>\n

Constituents of the deal<\/strong>: If reports of the offer are true, a critical portion of the pact will ask for a)<\/strong> reducing the number of coal-burning power plants under development, and b)<\/strong> gradual closure of our coal mines.<\/p>\n

This could be a sticking point. It would also shine a light on some G-7 members that have made negligible efforts to reduce domestic demand for fossil fuels (such as the US).<\/p>\n

Way forward<\/h5>\n

The JETP project can be seen as an effort towards Paris Agreement\u2019s promise of $100 billion in annual funding for countries like India that had gone unfulfilled.<\/p>\n

Source<\/strong>: This post is based on the article \u201cWelcome a G-7 package for an energy transition<\/strong>\u201d published in Livemint<\/strong> on 13th June 22<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

News: It\u2019s a win for India’s diplomacy that the G7 group looks set to offer it a climate partnership deal. Unless it places an unfair burden on us, let\u2019s use the funds to decarbonize our economy faster. What is the Just Energy Transition Partnership (JETP)? Upon taking over the G-7 presidency for 2022, host Germany… Continue reading Welcome a G-7 package for an energy transition<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10501],"class_list":["post-190228","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-live-mint","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704837122},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/190228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=190228"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/190228\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=190228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=190228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=190228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}