I am Chairman and CEO of ReNew, the first Indian renewable energy company to list on Nasdaq. ReNew was founded with a vision to accelerate the net zero energy transition in a just and inclusive manner.
We have crossed the halfway mark in 2024, a year considered the busiest election year in global history. Nearly 4.2 billion people, half the world's population, have either voted or will vote this year to elect their leaders and governments. These include South Korea, Sudan, South Africa, Venezuela, France, Belgium, Mexico, and others. We, in India, voted and created history by electing thefor a third consecutive term.
The outcomes of the elections are varied - some political parties have retained power, although with slender margins of victory. People in some nations voted for change and elected the opposition party with a resounding majority. In July, the UK witnessed the Labour Party record a decisive victory over the Conservatives, who had ruled for three consecutive terms. Across Europe, far-right parties made their presence felt.
How is all of this likely to affect global energy transition? There are four major trends visible so farWith abundant resources, ambitions of energy independence, and popular administrations with substantial nationalist strains, countries like India, Indonesia and South Africa share similar characterstics. They have been aggressive on clean energy deployment and are likely to continue to do so under newly elected regimes.
Overall, at this juncture, the global political situation presents a mixed bag of opportunities and risks. There is a lot of positive action ranging from a projected USD 2 trillion investment in clean energy as per the IEA to a wave of deals being signed between nations on critical minerals. There isn’t a fundamental shift visible so far in the trajectory and speed of energy transition due to election outcomes, but the acceleration needed to meet the 2030 targets isn’t evident either.
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