Prime Minister Narendra Modi throughout the inauguration of the India Energy Week 2024, on February 6, 2024.
| Photo Credit: PTI
Prime Minister Narendra Modi on Tuesday mentioned India was engaged on the event of environmentally pleasant energy sources to improve its energy max. He was delivering the inaugural deal with on the second version of India Energy Week (IEW) in the presence of Indian and world viewers.
The IEW 2024 is being held from February 6 to 9 in Goa, and is India’s largest and solely all-encompassing energy exhibition and convention, bringing collectively your entire energy worth chain, and is predicted to function a catalyst for India’s energy transition.
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Mr. Modi mentioned as India was poised to be third largest financial system in the world, the energy sector would play an important function in India’s progress story.
He mentioned the India’s energy demand would double by 2045; retaining that in thoughts the nation had began engaged on creating inexpensive and sustainable energy.
Highlighting the necessity for inexpensive gas, Mr. Modi mentioned that regardless of adversarial world elements, India was among the many few nations the place petrol costs had come down and 100% protection was achieved by electrifying crores of homes.
“India is not just meeting its needs but is also determining the global direction,” Mr. Modi mentioned.
Stating that India had launched into an unprecedented infrastructure push, he talked about that ₹11 lakh crore had been earmarked for this by the not too long ago tabled interim funds.
“A big part of this will go to the energy sector. This amount will create assets in railways, roadways, waterways, airways, and housing which will need energy leading to India’s efforts to expand its energy capacity,” he mentioned.
Mr. Modi mentioned the nation was making efforts to take the proportion of home fuel in the first energy combine from six to 15%. “This would see an investment of about $67 billion in the next five to six years,” he mentioned.
Touching upon the Global BioFuel Alliance which was unveiled throughout G20 Summit held in India, he mentioned 22 nations and 12 worldwide organisations had come onboard to encourage the use of biofuels in the world, and this might create financial alternatives value $500 billion.
Emphasising India’s progress in the biofuel sector, Mr. Modi mentioned ethanol mixing in per litre of petrol had witnessed a big rise from 1.5% in 2014 to 12% in 2023 main to a discount in carbon emissions by about 42 million metric tons.
“Government has set a target of 20% ethanol blending in petrol by 2025”, he mentioned.
Recalling the initiation of 20% ethanol mixing in greater than 80 stores throughout India Energy Week final yr, he mentioned the quantity of retailers had now elevated to 9,000.
He mentioned the Government was working in the direction of the set up of 5,000 compressed biogas crops in India.
On India’s seriousness to facilitate the transition he mentioned, “despite being home to 17% of the world’s population, India’s Carbon Emission Share is only 4% but are committed to further improving our energy mix by focusing on the development of environmentally sensitive energy sources.”
He mentioned India now ranks fourth in the world in Renewable Energy Installed Capacity and 40% of India’s put in capability comes from non-fossil fuels.
“In the past decade, India’s Solar Energy Installed Capacity has grown by more than 20 times. The campaign to connect with Solar Energy is gaining momentum in India,” he mentioned.
He urged worldwide buyers to make investments in the photo voltaic energy worth chain.
Highlighting the significance of National Green Hydrogen Mission, he mentioned it might pave the way in which for India changing into a middle of hydrogen manufacturing and export. “India’s green energy sector can make both investors and industries a sure shot winner,” he mentioned.
Mr. Modi mentioned India Energy Week occasion was not simply India’s occasion however a mirrored image of ‘India with the world and India for the world’ sentiment.”
(This author is in Goa on the invitation of Federation of Indian Petroleum Industry.)
