The Global Energy Transition Projected as $23 Trillion Market by 2030
The global energy transition will be a $23 trillion market by 2030, says US Energy Secretary Jennifer Granholm.
This massive shift from fossil fuels to renewable sources is not just an environmental necessity, but an economic gold mine. As we race against the climate clock, American companies are looking to forge tighter alliances with India to enable a successful and profitable energy transition.
Speaking at the ministerial meeting of the US-India Strategic Clean Energy Partnership (SCEP), Granholm emphasized that to meet the US’s clean energy goals, 2,000 gigawatts of clean energy must be added to the grid by 2035. This means an enormous economic opportunity for those in the space.
Meanwhile, India has set ambitious net zero emission targets for 2070. As part of this plan, the nation is aiming for 50% renewable energy by 2030. That means installing 500 gigawatts of renewable capacity, which will eliminate 1 BILLION tons of CO2.
These shared goals have helped spark the establishment of the SCEP.
India-US energy trade is projected to reach $20 billion by 2023, and according to India’s Oil Minister Hardeep Singh Puri, the US is a significant partner in energy cooperation today. The evolving clean energy partnership promises an even brighter future.
Together, the two governments can support a sustainable energy transition, prioritizing reliable and affordable clean energy supplies.
We’re witnessing a mega transformation in the energy sector, with increasing participation from governments around the globe. Where do you see the greatest opportunities in the energy transition?
Coalition for Renewable Natural Gas