Avaada Group Champions $200 Trillion Push for Global Energy Transition at ADIPEC 2024

Avaada Group, a leader in renewable energy, advocated for substantial investments to expedite the global energy transition at ADIPEC 2024. Chairman Vineet Mittal urged for $200 trillion by 2050, emphasizing renewable energy and green hydrogen as crucial elements. Collaboration and innovative financing are keys to achieving a sustainable future.

Avaada Group, a prominent name in renewable energy from India, showcased its commitment to the global energy transition at ADIPEC 2024, the world's largest energy conference in Abu Dhabi. The company's focus was on the financial and regulatory frameworks essential for the ambitious shift to sustainable energy worldwide.

In a vital discussion during the summit, Vineet Mittal, Chairman of Avaada Group, critiqued the $35 trillion estimate to achieve sustainable energy by 2050 as insufficient, proposing instead a $200 trillion target. Mittal highlighted the substantial investments necessary to secure a climate-stable future, stressing that 2023's record $2.8 trillion energy investment falls short of the needed $6 trillion annually to build a resilient, low-emission infrastructure globally.

The panel also explored sector-specific strategies. For the power sector, a 93% emissions reduction by 2035 requires a tripling of renewable energy capacity to 31 TW by 2050. The transportation sector needs full electrification of passenger vehicles by 2046, and clean hydrogen production must quadruple to decarbonize industrial sectors. Mittal called for policies promoting international cooperation and open-sourcing green technologies, advocating for innovative financing like first-loss guarantees and public-private partnerships to enhance private investment, especially in the Global South.

(With inputs from agencies.)