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Iron/Steel (approx. 50 GJ/ton). Similarly, while Solar PV is   shorter economic cycles demanding faster returns
        default and preferred choice to replace thermal power   (gone are the days of 20 years payback periods) else
        plants, the energy required to produce one tonne of   incentives, policies, penalties, and offsets may fail to
        electronic-grade silicon (approx. 7600 GJ/ton) is almost   provide long term sustainable usage. However, these
        15 times compared to iron in making of turbines.      ingredients must be a catalyst to accelerate the energy
                                                              transition in the initial stages. Technology development
        The initial energy transition journey may have to adopt   (linear or rapid) and maturity phase requires policy
        renewable sources; for example, green Hydrogen        support to kick start the energy transitions, e.g. cost of
        by water electrolysis route can utilise electricity   bioethanol manufacturing is presently 30-40% higher
        generated from renewable sources. But for being       than the price at which ethanol is being sold in the
        “GREEN” needs a holistic perspective in the long term   market. Green Hydrogen currently costs approx three
        seeking sustainable and low carbon energy sources.    times than the blue Hydrogen. So, policy support to
        Extending the logic further, the cost of pumped/battery   incentivise green Hydrogen or bioethanol may help
        storage and its energy maths in terms of material and   accelerate the transitions.
        losses at each stage of its flow – from generation to
        storage to conversion needs to be accounted. Hence,   Recommended Approach for Energy
        energy transitions must consider a holistic life cycle   Transition:
        management to account for energy needs from the
        cradle to the grave.                                  From the industry perspective and professional
                                                              consultants’ lenses, a holistic approach to clients
        Energy Transition Approach:                           across O&G, Metals, Mining, Infra, Power, etc. must be
                                                              provided. We need to keep these factors in mind and
        Energy transition will systematically require the     have a framework that helps clients achieve their vision
        following phases.                                     and roadmap for the energy transition to a low carbon
                                                              future or low carbon energy source.

                                                              Changes are indeed the most exciting playgrounds for
                           Review the                         visionaries, scientists, engineers and pioneers – but

                              Energy                          they take time; for example, it took the wood to Coal to
                             Density                          Oil-based, and then gas energy sources almost 80-100
                              Maths                           years each time to gain a 50% mix. Solar/wind/nuclear
                                                              are much recent and still in single or lower double %
                                                              regarding overall energy composition.
                 Storage               Ensuring the           It would be pertinent to note that this energy transition

                     |                overall Carbon          will be much faster and rapid and may take maybe 30
              Transmission               footprint            years due to the exponential pace of technological
                     |                  across the            innovation and advancement, maturity and a more
                                                              global collaborative effort unlike the past when it was
               Distribution            Value Chain            more siloed and concentrated.  While energy transition
                                                              may start in respective value chains, it requires a
                                                              cross value-chain approach across industries to reap
                                                              enhanced and overall benefit based on uniqueness.
        Value chain in the energy transition process is a bit
        complex. One needs to anticipate the shift in the value       While modernisation is inevitable and maybe
        chain that may occur either due to ongoing industrial    linear or rapid due to disruptive technologies,
        revolution or due to expected exponential maturity       the focus will be on integrating the technological
        in technology that may change the value-chain            advancements with the old technology to ensure
        landscape. Hence, it is necessary to adopt a strategy to   low carbon footprint, including gas balance, steam
        interconnect the various value chains, considering the   balance, and energy balance.
        current one’s anticipated changes.

        Finally, we need to justify any transition with financials
        and business case, keeping in mind the volatility and

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