New Delhi, 2 December 2024: ERIA President Tetsuya Watanabe delivered special remarks at the 29th Partnership Summit in New Delhi, India, upon the invitation of the Honourable Shri Piyush Goyal, Minister of Commerce and Industry of India. President Watanabe spoke during the Sustainability and Climate Action track, themed ‘Collaborative Climate Solutions: Bridging Clean Technology and Finance.’

The session, moderated by Sanjiv Puri, President of the Confederation of Indian Industry, included esteemed panelists such as Prashant Kumar Singh, Secretary of India’s Ministry of New and Renewable Energy; Jan Teichmann, Senior Vice President and President for Asia Pacific at Fluence Energy; and Niro Somasekeran, ANZ’s Head of Resources, Energy, and Infrastructure International and Corporate Finance for South and Southeast Asia.

Opening the session, Puri underscored the significant funding gap for global decarbonisation efforts, noting that the annual funding proposal of US$300 billion until 2035 presented at COP29 fell far short of developing nations' needs. ‘The requirements are in trillions of dollars, not billions,’ he stressed, highlighting the importance of innovative financial mechanisms to drive decarbonisation efforts.

In his address, President Watanabe outlined five critical elements for advancing decarbonisation in India and across Developing Asia:

1. Adopting a holistic approach.
2. Prioritising transition finance.
3. Developing low-cost, reliable battery storage systems and modernising energy grids.
4. Strengthening public–private partnerships.
5. Securing critical mineral supply chains.

President Watanabe emphasised the importance of moving away from a ‘one-size-fits-all’ approach to energy transition. He highlighted that efforts must align with each country's unique characteristics and circumstances. ‘India and many other developing Asian nations are undergoing rapid economic growth that is lifting millions out of poverty and enhancing quality of life. This progress must continue,’ he stated.

He further stressed the necessity of balancing emission reduction efforts with sustained economic development. ‘A balanced approach that incorporates diverse pathways to achieving net-zero emissions – while addressing decarbonisation, economic growth, and energy security – is the way forward,’ President Watanabe concluded.