On the heals of US and India announcing Indian participation in
, the European and India are set to explore alternate sources of energy as envisaged by the recently-concluded First India-EU Business Conference on Energy. A EU-India energy panel was set up in June 2005 to take into account soaring oil prices and associated concerns on energy security and formulate steps that they can take to ameliorate this situation.
With a documented economic growth of 8% (and an undocumented ?lack? economy of at least half of this figure), India? appetite for fuel and energy has grown exponentially. To meet energy demands, about 40,000 megawatts of
power projects are in pipeline. Further, mega projects to bring in natural gas from Myanmar, Iran, and Turkmenistan are also being explored. India is seeking an investment of USD 100 billion during 2007-2012.s
For the EU, the principle concern was climate change. Per the Kyoto Protocol, EU has to reduce its greenhouse gas emissions by 8% of 1990 levels during 2007-2012. Hence, the EU is actively considering diversifying its energy generation from oil based to other forms such as nuclear and other renewable sources.
The Conference focused on supply security, renewable sources, and energy efficiency. It also sought to solidify links between policy, research and development, environmental protection, and investment.