US is upgrading it energy partnership with India to a strategic level at a time when both countries are witnessing rapid changes in their energy markets as the balance of power shifts in Asia’s favour and new-age energy solutions disrupt traditional policy parameters.
Emergence of new exporters such as Russia has weakened Opec’s grip on the global oil market where the US has emerged as the swing maker, a position held by Saudi Arabia not long ago. India has become the world’s third largest oil consumer and emerged as the leading voice of consumer nations, making even rival China join hands against ‘unfair’ oil pricing by West Asian producers.
India is also chasing a target of 175 GW of green energy capacity by 2023 as part of overall strategy to meet climate mitigation commitments, even as globally sentiment against coal and nuclear power are getting louder. It has also embarked on an ambitious drive to replace all traditional lamps with energy-efficient LED bulbs and sell only electric cars by 2030. Read More
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