India’s entry into the Global Energy Hub is now sealed by the Union Cabinet Ministry as it approves the proposal. This approval by Narendra Modi who chairs the Union Cabinet can make India shine in the energy sector, as it would help the nation access the exclusive 16-nation group, which will be sharing all the best strategic energy practices along with new-age innovative solutions as the Ministry of Power, India commented.
What is an Energy Efficiency Hub?
Energy Efficiency Hub can be referred to as a global platform built for promoting and fostering energy efficiency across the globe. It is a platform for collaborations between nations to drive their energy efficiency plans more efficiently.
It was established in 2020 and earlier it was known as the International Partnership for Energy Efficiency Corporation (IPEEC). India was a member of IPEEC as well. The sole purpose of this hub is to bring different governments, global organizations, private entities, practices, knowledge, and experiences of all these years.
Nations Include in this Energy Efficiency Hub
- Argentina
- Australia
- Brazil
- Canada
- China
- Denmark
- European Commission
- France
- Germany
- Japan
- Korea
- Luxembourg
- Russia
- Saudi Arabia
- United States
- United Kingdom
India & Energy Efficiency Hub
India becoming a member of a global energy hub means a lot of opportunities for the nation, especially in the energy landscape. With this membership, India can collaborate with other nations on the list, create opportunities for the energy industry, and share and gain expertise from across the globe while learning new best practices followed internationally.
By promoting energy-efficient practices and solutions, India is expected to contribute to the worldwide efforts towards climate change. These practices and efforts can help to better the environment and address climate change, for which India is striving along with the world.
At present, the Bureau of Energy Efficiency (BEE) will be working on behalf of India in the Hub as the implementing agency.
Wrapping up
The energy sector especially with the new projects and developments in the renewable and green energy space in India, and its target of Net Zero seems more attractive and achievable now with the entry of India in the International Energy Efficiency Hub.
Source: NDTV
______________________________________________________________________________________
Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.