Nicholas Stern urges India to accelerate clean energy transition amid global conflict

Nicholas Stern stated that geopolitical conflict and high energy prices should accelerate the global move away from oil and gas, rather than delay it. He noted that the US-Iran war has increased commodity and energy prices, adding to worldwide inflationary pressures. Stern advised that India, a net energy importer, must accelerate its shift to domestically available renewable energy sources for energy security.

Stern warned that reliance on oil and gas is risky due to potential disruption and slowing of growth. He highlighted that India spends about 5% of its gross domestic product on oil and gas purchases, making it vulnerable to global energy shocks. The shift to renewables is presented as crucial for both energy security and mitigating risks from global turmoil.