Moneycontrol PRO
HomeNewsIndiaCabinet gives consent for India to join International Energy Efficiency Hub

Cabinet gives consent for India to join International Energy Efficiency Hub

The decision would help India gain access to an exclusive 16 nation group sharing strategic energy practices and innovative solutions, the government said.

October 03, 2024 / 21:11 IST
Representative image

Representative image

The Union Cabinet on October 3 approved the signing of the Letter of Intent enabling India to join the International Energy Efficiency Hub, a global platform dedicated to fostering collaboration and promoting energy efficiency worldwide.

The government said the move solidifies India's commitment to sustainable development and aligns with its efforts to reduce greenhouse gas emissions. By joining the hub, the government said, India would gain access to a vast network of experts and resources, enabling it to enhance its domestic energy efficiency initiatives.

India’s decision to join the Energy Efficiency Hub comes at a time when the country is moving towards becoming a net-zero emissions nation by 2070. The hub, which was established in 2020 as the successor to the International Partnership for Energy Efficiency Cooperation (IPEEC), brings together governments, international organizations, and private sector entities to share knowledge, best practices, and innovative solutions.

As of July 2024, sixteen countries, namely, Argentina, Australia, Brazil, Canada, China, Denmark, European Commission, France, Germany, Japan, Korea, Luxembourg, Russia, Saudi Arabia, United States and United Kingdom, have joined the hub.

“As a member of the hub, India will benefit from opportunities for collaboration with other member states, sharing its own expertise and learning from international best practices. The country will also contribute to global efforts to address climate change by promoting energy-efficient technologies and practices,” the government said in a press release.

The government has designated Bureau of Energy Efficiency (BEE), the statutory agency, as the implementing agency for the hub on behalf of India. BEE would play a crucial role in facilitating India's participation in the hub's activities and ensuring that India's contributions align with its national energy efficiency goals, the government said.

The country's participation in the global platform would help to accelerate the transition to a low-carbon economy and improve energy security, it added.

Moneycontrol News
first published: Oct 3, 2024 09:11 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347