Page 42 - FIPI - Policy Economic Report - May 2025
P. 42
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
The BRICS Energy Ministers reaffirmed their commitment to strengthening energy security and
advancing UN Sustainable Development Goal 7 (SDG 7), focusing on universal electricity access, clean
cooking, and tackling energy poverty. They emphasized the need for just, inclusive, and balanced energy
transitions in response to climate change.
While acknowledging the continued role of fossil fuels—particularly in developing countries—they
stressed the importance of reducing greenhouse gas emissions in alignment with SDG 7 and global
climate targets guided by technological neutrality and the principle of common but differentiated
responsibilities and respective capabilities (CBDR-RC).
The Ministers called for stronger partnerships, supported open, fair, and non-discriminatory
international energy markets, and encouraged the use of local currencies in energy trade.
They recognized the fundamental role of the BRICS Energy Research Cooperation Platform and
welcomed the updated BRICS Roadmap for Energy Cooperation (2025–2030) as key to deeper
collaboration.
Affirming each country's right to determine its own energy transition path and pace, the Ministers
advocated efficient use of all energy sources and called for increased concessional and low-cost
financing from developed to developing nations. They highlighted the role of the New Development
Bank (NDB) in promoting sustainable energy infrastructure, especially through local currency financing.
The Ministers advocated for adoption of fair, transparent, and consistent guidelines for assessing carbon
intensity, energy classification, and mutual recognition of taxonomies and certifications.
Underscoring energy security as vital for socio-economic development, they highlighted the importance
of market stability, resilient infrastructure, diversified energy sources, and critical minerals for clean
technologies.
They reaffirmed the goal to double energy efficiency by 2030 and emphasized enhanced cooperation
and knowledge sharing among BRICS nations. Lastly, they committed to elevating BRICS' global energy
role and advancing shared priorities under India’s Chairship in 2026.
Ministry of New & Renewable Energy participated in World Hydrogen Summit 2025, highlights India’s
vision and capabilities in Renewable Energy and Green Hydrogen
Secretary, Ministry of New & Renewable Energy, Government of India, Shri Santosh Kumar Sarangi
addressed the World Hydrogen Summit 2025 in Rotterdam, highlighting India's strategic vision and
capabilities in the domain of renewable energy and green hydrogen production.
The Secretary underscored India’s transformative potential of Green Hydrogen to become a global
leader in this space. This ambition largely relies on India’s strength in the renewable energy domain.
The Secretary highlighted that India has already installed over 223 GW of renewable energy—that
includes 108 GW from solar and 51 GW from wind—placing India among the fastest-growing renewable
May 2025 Page | 41