Page 15 - Policy Economic Report_Mar'25

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

guided by the principles of solidarity, equality, and sustainability, recognizing the unique needs of
developing nations while fulfilling our global responsibilities.

The meeting also provided a platform for G20 members to engage and build consensus on the priorities
proposed by South Africa for this Working Group during its presidency. These priorities include:

Priority 1: Energy Security, Affordability and Reliable Access

? Development of a comprehensive G20 Energy Security Framework, with innovative financial
models and technologies to bridge the existing energy access gap.

? Focus on enhancing global energy access and affordability by promoting resilient and
sustainable energy systems.

Priority 2: Just, Affordable and Inclusive Energy Transitions

? Roadmap and action plan for establishing Green Industrialisation Hubs in Africa, Socio-economic
safeguards, and support initiatives for coal-dependent regions, targeting job preservation,
workforce reskilling, and economic diversification.

Priority 3: African Interconnectivity and Power Pools

? Ten-year Infrastructure Investment Plan for key African cross-border energy projects, identifying
significant regional energy interconnection initiatives and establishing robust financing
mechanisms with international partners.

Invited guest countries and international organizations in attendance were also afforded an opportunity
to comment on the presidency’s priorities.

South Africa was congratulated for the comprehensive and ambitious plan and vision, with a
commitment of support from all delegations, particularly with regards to priority 1 on Energy Security,
Affordability and Reliable Access.

The next G20 ETWG meeting will take place in person from 30 April – 2 May 2025 in the Western Cape.
The co-chairs welcomed the valuable contribution and inputs made by delegation as well as the appetite
for collaboration and further input from international organization and partners.

5. Indian Economy

India’s economic growth

According to NSO’s Second Advance Estimates, India’s GDP is projected to grow by 6.5% in FY 2024-25.
Quarter 3 GDP growth was 6.2%, rebounding from 5.6% in Q2 due to higher private consumption and
government spending.

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