The eight member countries of the Shanghai Cooperation Council (SCO) have agreed to work towards developing hydrocarbon alternatives including hydrogen, biofuels and ammonia to address their expanding energy requirements.
“The parties recognise that emerging fuels can play a critical role in promoting circular economy by efficiently utilsing biological resources to produce various high-value marketable products with least possible impacts on the environment,” read a joint statement released after the meeting.
SCO member states comprise India, China, Russia, Tajikistan, Uzbekistan, Kazakhstan, Kyrgyzstan and Pakistan.
Following a virtual meeting, the participants agreed to the need for enhanced collaboration, including joint technological partnerships in the area of emerging fuels.
They also agreed to accelerate knowledge sharing for the effective development and usage of emerging fuels.
Recognising the importance of energy modelling in ensuring better planning for energy security, inclusive policies and effective goal setting towards transforming energy systems, the participants agreed that it helped in making energy supplies highly accessible, affordable, reliable and eco-friendly.
“The parties agree to work towards enhancing cooperation for efficient use of emerging fuels and energy modeling with a view to create conditions conducive to ensuring energy security and sustainable development of the SCO member states, which will also help contribute to the implementation of the goals of the UN 2030 Agenda for Sustainable Development,” the joint statement added.
Briefing media after what was the third ministerial meeting of SCO members, an apparently satisfied minister of petroleum and natural gas, Hardeep Singh Puri, said, “We have issued a joint statement for cooperation between the SCO member states on emerging fuels and energy modelling.”
Officials told Business Today that this would take the country one step closer to forging a grouping similar to the International Solar Alliance (ISA) on alternative fuels.
This is significant as SCO members have agreed on the absence of one carbon pathway working equally for all stakeholders, with each country having the right to choose a path based on its own national priorities and available resources.
India, for instance, saved Rs 2,341 crore in petroleum imports through the blending of ethanol with petrol during FY21-22, according to government data.
Under the country’s Budget proposals for FY23-24, Rs 35,000 crore has been allocated to cover the dual aspect of energy transition and climate change. These comprise funding for the National Green Hydrogen Mission and biofuels, viability gap funding (VGF) for 4000 MWh of battery storage systems, capital support for renewable energy projects and the establishment of a programme for facilitating green credit.
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