London [UK], June 27 : India is well-positioned to surpass its commitments under the Paris climate agreement as the government has made "profound changes" over the last 12 to 15 years at the microeconomic level , Adani Group Chief Financial Officer Jugeshinder (Robbie) Singh said on Saturday at the inaugural Adani Green Electrification Dialogue in London.
The dialogue, organised by Adani Green Energy at the Science Museum in London, brought together policymakers, industry leaders and energy experts to discuss how deep electrification can strengthen energy security, economic growth and decarbonisation. According to Adani Green Energy, the forum focused on accelerating the adoption of clean electricity across sectors while advancing global conversations on the energy transition.
Speaking exclusively to ANI at the sidelines of the inaugural session, Singh expressed confidence that India would exceed its climate targets.
"I'm 100% confident that India will not only beat its Paris commitments, but beat them comprehensively. The changes made by the government over the last 12 to 15 years are so profound at the microeconomic level that we are pretty much on a path that is way, way ahead of India's Paris commitments... India will pull the world closer to Paris commitments," he said.
The discussion centred on electrification as the next phase of the global energy transition, with stakeholders arguing that falling costs of clean energy technologies are reshaping the economics of power systems.
Lord Adair Turner, Co-Chair of the Energy Transitions Commission (ETC), said renewable energy technologies are improving faster than fossil fuels can compete.
"What we're seeing is a set of technologies which people call the ElectroTech stack, which are falling in cost and improving in performance faster than the fossil fuel industry can reduce costs... All the core technologies here are coming down at around 90% every 15 years," Turner said.
He added that countries embracing electrification would gain a competitive economic advantage while also improving energy security.
"Embracing electro possibility is also the way to resilience and energy security. We've seen this in India within the last few months with the Strait of Hormuz crisis... The fact that fossil fuels are in concentrated geographic locations and have to be shipped around the world creates volatility, and if you're a net importer like India, you're vulnerable," he said.
Turner said building domestic renewable and nuclear energy capacity would help countries become more resilient against future geopolitical disruptions.
Alice Williams, Vice President - Digital Energy at Schneider Electric, said electrification is no longer a matter of debate as countries increasingly shift towards clean electricity.
"The switch to electricity is no longer a debate. We see countries like India and China proving that it's possible to electrify the economy and move rapidly in things like the transport sector. We have an abundance of renewable energy also coming onto the grid, so it can be clean electricity, and that's critical," Williams said.
She added that the focus should now be on ensuring clean electricity reaches businesses and consumers efficiently so they can run their operations using renewable power.
Earlier in the day, Adani Green Energy Executive Director Sagar Adani called for faster electrification of economies, saying renewable energy supported by large-scale energy storage would be critical to delivering affordable, secure and sustainable energy amid growing geopolitical uncertainties, according to an official company release.