World Energy Outlook 2023

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 The International Energy Agency (IEA) has released the World Energy Outlook 2023.

Key Highlights:

• World Energy Outlook 2023 released by International Energy Agency (IEA) to provide in-depth analysis and strategic insights into every aspect of the global energy system.

• Fossil fuel share in the global energy supply is projected to reduce from around 80% to 73% by 2030. 

•  Investment in clean energy has risen by 40% since 2020.

• India is expected to have the highest growth in energy demand over the next three decades.

• But India’s industrial sector will emit 30% less CO2 by 2030 and passenger cars will emit 25% less CO2 per kilometer driven.

• This is due to the government policies in addressing climate commitments through increased efficiency and new technologies.

Initiatives taken by India to reduce carbon emissions:

• International Solar Alliance (ISA): Launched in 2015, it’s an alliance of the “sunshine countries” with an objective of efficient utilization of solar energy. 
• One sun, one world, one grid project along with the United Kingdom: It is based on the vision of building and scaling inter-regional energy grids to share solar energy across the globe. 
• Accelerating e-mobility transition with the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles Scheme. 
• Mission LiFE is a global mass movement led by India that aims to encourage individual and collective action to protect and preserve the environment. 
• Leadership Group for Industry Transition (LeadIT): It is a business-led initiative that encourages companies to adopt low-carbon business practices and technologies.