Clean hydrogen, Russia-Ukraine war major hurdles in G20 energy transition consensus - Economic Times
g20 energy transition: Clean hydrogen, Russia-Ukraine war major hurdles in G20 energy transition consensus - The Economic Times
G20 Energy Transition Working Group is facing challenges in reaching a consensus on the joint communique with
clean hydrogen and the
Russia-Ukraine war being the key sticking points.
About 60% of the communique has been agreed upon, but negotiations are still continuing on whether the future of hydrogen should be green or clean, people close to the development said.
Officials are hopeful of some agreement on the second day of the talks on Saturday.
In the absence of a joint communique, a chair statement or summary may be released at the end of the meeting, sources said.
There are 27 paragraphs in the draft communique on
energy transition and the last leg of deliberations are before the
G20 Energy Transition Ministerial Meeting on July 22 under India’s presidency.
While green hydrogen is that produced through renewable energy, clean hydrogen is can also be generated from
fossil fuels through the use of carbon capture and storage.
Countries like Saudi Arabia and the US have suggested including low-carbon hydrogen as well .
However, there is a broad consensus for having some international standards for green or clean hydrogen.
Whether hydrogen should be clean or green will play a significant role once countries start trading in this fuel.
More countries can export clean hydrogen-based fossil fuel through carbon capture technology than those that can make green hydrogen from renewable energy.
India's Green Hydrogen Mission, which also aims for export, is based only on renewable energy sources.
In the last such meeting in May, India had proposed a discussion on global standards for ‘green, clean and low carbon’ hydrogen which limits the emission to up to 2 kg of carbon dioxide equivalent per kg of hydrogen produced.
The emission target proposal is not in the communique in the current round of meetings of the group.
The communique entails a paragraph that states to deplore the aggression by Russia against Ukraine, which is being opposed by Russia and China, as per sources.
RIL Profit Drops 6% in Q1 on Weak Oil-to-Chem Showing
Reliance Industries Ltd (RIL), India's biggest company by market capitalisation, reported a 6% drop in consolidated profit in the June quarter from the year earlier on account of a weak oil-to-chemicals (O2C) performance as well as higher finance costs and increased depreciation.
Apple may Ship Out Record 8-9 m iPhones in 2023
Apple is likely to end the year with a record 8-9 million iPhone shipments, compared with 6.7 million in 2022. Sales in the first half of the calendar year have almost doubled to about 4 million from the year-ago period, bucking tepid demand in the overall market, which is expected to be flat or grow marginally this year.
Disappointing Q1 by Infosys, HUL Halts 6-day Bull Run at D-St; Indices Shed 1%
India’s equity benchmarks slumped over 1% on Friday as disappointment with earnings at blue chips Infosys and Hindustan Unilever soured sentiment, bringing an end to the market’s six-day record run.
Read More News on
Business News,
Breaking News Events and
Latest News Updates on
The Economic Times.)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Recommended Stories
Qyou Media designs a diversified growth plan for India
Sony-owned Crunchyroll plans to grow its investments in India
Vedanta Resources extends inter company loan from Cairn India by a year at revised terms of 17% vs 7% earlier
We build ventures in spaces with large unmet needs: 2070 Health
Clean hydrogen, Russia-Ukraine war major hurdles in G20 energy transition consensus
Aditya Birla Capital extends debt to redevelopment project near Mumbai's BKC
Go First gets claims worth $2.9 billion from creditors: Sources
Jio Platforms Q1 net profit grows 12.5%, higher costs a drag on telecom vertical
Reliance Retail Q1 net climbs 19% as footfalls touch highest-ever
Go First lenders seek to be party in aircraft lessors’ case in Delhi HC