Context
Global efforts to bring India on board the “Just Energy Transition Partnership” (JETP) with G7 nations has failed to move forward.
About
The G7 countries had decided to launch “Just Energy Transition Partnership – JETP” with India, Indonesia, Vietnam and Senegal this year.
The partnership was aimed at helping large developing economies to move away from coal in their electricity generation system and help them to achieve Paris Climate Change goals.
Germany and US, are the two G7 Nations that are co-leading the negotiations with India to join the JETP.
How many developing countries signed JETP
JETP initiative is modelled after the South Africa JETP launched at COP26 in Glasgow with the support of the United Kingdom (UK), The United States (US), France, Germany and he European Union (EU).
South Africa has been promised to finance worth $8.5 billion in the first phase through mechanism such as grants, loans and investments to meet its Nationally Determined Contribution” (NDC) goals.
At the 27th G20 summit, Indonesia also announced its JETP with G7 nations co-led by Japan and the US for $20 billion. The Indonesian JETP is primarily focused on the phase-out of coal from the economy.
Why India not signed JETP with G7
There are multiple reasons. Firstly, India has refused to put ‘coal phase-out’ on the negotiation table and wants to design its own ‘transition plan’,
Secondly, talks on JETP have also stalled over differences in the approaches on coal.
US wants to include decommissioning of assets aka coal differences in approaches on coal.
However, India is pushing for climate funds for renewable energy, technology transfer and green jobs.
About G7 Group
G7 is an intergovernmental political forum consisting United States (US), United Kingdom (UK), Japan, France, Italy, Canada and Germany.
G7 was formed in 1975 as an informal forum to discuss pressing world issues.
The block meet annually to discuss issues of common interest like global economic governance, international security and energy policy.
It was expanded to G8 in 1997 by including Russia and in 2014, Russia was formally removed from the group after annexation of Crimea by Russian Federation in 2014.
Annual summit of G7 is attended by each member’s head of the government.
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