In the wake of the Middle East crisis, the need for acceleration of green energy in India assumes great significance more so because the country has committed to net-zero emissions by 2070. Agreeably, rapid strides are manifest in cultivating clean energy, but more concerted efforts are needed.

Let’s start with current oil crisis. The Hormuz Strait carries 20% of the global oil supply as there is no alternative to compensate for the loss of supplies on this scale. India depends upon nearly 50% of its oil imports on countries in this region. Since February, there has been an increase of $4.54 per barrel in the price of Brent crude and since the war broke out, this has further risen. Just a one dollar increase in crude oil can result in an increase of India’s annual crude import bill by Rs 14,000 crore. With US permission to India to purchase Russian oil vide a 30-date waiver, India has swiftly procured more than 10 million barrels of Russian crude while around 15 million barrels are currently on tankers in the Arabian Sea and Bay of Bengal and another 7 million barrels are idling near Singapore.

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