Navigating the global energy crisis and embracing sustainable solutions

Jean-Pascal Tricoire, chairman and chief executive officer of Schneider Electric, believes that India is well-positioned to construct the necessary energy infrastructure to become a leader in the transition to sustainable energy

The Chairman and Chief Executive Officer of Schneider Electric, Jean-Pascal Tricoire, emphasised the importance of accelerating the energy transition.

According to Tricoire, the world has recently witnessed a “energy earthquake” in which many nations face the challenge of delivering sustainable energy without compromising the purchasing power of their economies.

While energy is a basic necessity, the need to transition to a more sustainable energy model has never been more pressing. Carbon emissions, responsible for 80% of climate change, are mainly due to the way we consume and produce energy. Furthermore, about one billion people globally do not have access to energy, presenting a massive global energy crisis.

The Schneider Electric CEO further emphasized that in India, given the country’s fast-developing economy and large population, energy consumption is expected to double, or even triple, in the next 25 years. How will the country address this energy challenge? There are two major transitions required in this regard, he stated.

The first is the transition in demand, which will bring a “real energy transition”. This means building structures, buildings, and cities that are as digital and electrical as possible. The most basic example is the transition from fuel-operated vehicles to Electrical Vehicles. A similar change can be replicated for the most basic of human needs. Another thing worth noting, is that becoming carbon neutral is becoming economically profitable for companies for the first time in the past two decades.

The second is to increase the use of hydrogen. The production of electricity in India is expected to increase sixfold in the next 25 years, with 75% of that growth coming from renewable energy sources, particularly solar power. A significant portion of this power could be produced in decentralised locations, such as on the roofs of homes and the bottoms of buildings. A household-level change is now more accessible than it has ever been.

India could become a leader in the transition to sustainable energy. India is well-positioned to build the right energy infrastructure. With the chance to double or triple energy infrastructure in the next 25 years, India has a unique opportunity to create a sustainable and affordable energy system for its people and the world, aeed Tricoire.

The Chairman & CEO of Schneider Electric, Jean-Pascal Tricoire, talked about the “Need for Accelerating Energy Transition” in a recent address in the Economic Times Global Business Summit that was held on 17th and 18th February 2023.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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