A path-breaking approach for India's clean energy transition

India needs a path-breaking approach to achieve the ambitious energy transition goals it has announced. Platformisation offers a transformative solution to advancing India’s clean energy aspirations and catalysing its journey to net zero. Platforms, potentially set-up by India’s leading National Oil Companies (NOCs) can enable significant resource synergy along with fostering innovation and unconstrained decisioning.

India’s clean energy transition: the ambitious targets

India stands at a pivotal juncture in its energy transition journey, with National Oil Companies (NOCs) spearheading its ambitious clean energy targets. These include:

• Adding 50 GW of renewable energy capacity.
• Producing 10 million tons of green hydrogen annually.
• Generating 20 billion liters of biofuels.
• Capturing 100 million metric tons of CO2 per year through CCUS technologies.

While these goals are ambitious, the pace of execution must accelerate significantly to achieve these.

The role of platformisation in accelerating the transition India’s energy transition requires a fundamental shift to address key challenges and unlock the full potential of its NOCs. Although NOCs possess the financial muscle to fulfill clean energy obligations, they face challenges such as:

• Balancing traditional operations with scaling sustainable initiatives within existing decision-making frameworks.
• Limited collaborative frameworks restricting access to cutting-edge technologies and creating capability gaps.
• Difficulty attracting innovation-driven partnerships and private investment.

Platformisation offers a transformative solution by uniting PSUs, technology providers, startups, and private players into a cohesive ecosystem. This approach accelerates clean energy adoption through collaboration, innovation, and scale. For India, it represents a strategic opportunity to overcome existing barriers, catalyse its energy transition, and position itself as a global leader in clean energy development. A platform structure for renewable energy (RE) and green hydrogen (GH2) could involve

• Establishing autonomous entities dedicated to alternate energy.
• Integrating key stakeholders like EPC players, tech providers, and startups.
• Driving collaborative innovation and R&D for advanced solutions.

How platforms can be game changers: key benefits Platformisation offers a path-breaking approach to India’s energy transition objectives by:

1. Enabling Rapid Scaling: Specialised platforms can rapidly scale clean energy projects by unifying resources and driving efficient deployment.
2. Driving Cost Efficiency: Achieving economies of scale reduces capital and operational costs, making NOCs more competitive domestically and internationally.
3. Fostering Technological Advancement: Investments in R&D and access to nextgeneration technologies like advanced electrolysers and carbon capture systems enhance capabilities.
4. Attracting Investment: Platforms with compelling value propositions attract significant private and public investment, improving investor confidence. Globally, initiatives such as the Northern Lights CCUS Project in Norway and the One Sea Initiative in the North Sea demonstrate how Platformisation can drive large-scale, collaborative success. For India, platforms have the potential to consolidate market presence, strengthen execution capabilities, and unlock unprecedented growth in clean energy.

Strategic implementation approach to set up platforms

The successful implementation of Platformisation in India requires:

• Establishing Autonomous Platforms: Platforms with robust NOC backing, clear governance, and defined targets.
• Forging Strategic Partnerships: Collaborations with EPC players, tech providers, and startups to drive innovation.
• Investing in Technology and R&D: Focused investments to develop and adopt advanced clean energy solutions.
• Streamlining Governance Structures: Balancing risk management with scalability and growth.

Policy interventions will play a crucial role, including streamlined regulatory approvals, and a coordinated framework to facilitate public-private collaboration. By aligning regulatory frameworks and financial incentives with platform objectives, India can create a thriving environment for clean energy platforms to flourish.

Conclusion

Platformisation can be a significant game-changer for India by offering a transformative approach to achieving its clean energy objectives. This strategy can position India as a global leader in renewable energy, driving economic growth, enhancing technological capabilities, and ensuring a sustainable future. With decisive action and coordinated efforts, Platformisation can unlock the full potential of India’s clean energy ecosystem, placing NOCs at the forefront of this critical transition.