New Delhi: To showcase India’s rising prowess as an energy transition power, the country celebrated India Energy Week (IEW) 2023 from February 6 to 8. A series of programmes were held across the country, while the main function was held at Bengaluru where Prime Minister Narendra Modi inaugurated the IEW 2023.
Speaking on the occasion, the PM said the IEW is the first significant energy event of the G20 calendar. He highlighted four verticals for the energy sector. He underlined the major role of the energy sector in setting the direction of the future of the 21st century world.
“India is one of the strongest voices in the world for energy transition and for developing new resources of energy. Unprecedented possibilities are emerging in the country that is moving with resolution of a Viksit Bharat,” he said.
Predicting a huge demand of energy by India in near future, the PM, quoting International Energy Association, said, “India’s energy demands will be highest in the present decades, which presents an opportunity for the investors and stakeholders of the energy sector.”
He said that India’s share in the global oil demand is 5 per cent, which is expected to rise to 11 per cent, whereas the gas demand of India is expected to rise up to 500 per cent. He gave four verticals for the strategy for the energy sector – increasing domestic exploration and production; diversifying the supply; expanding fuels like biofuel, ethanol, compressed biogas and solar; and decarbonising via electric vehicles and hydrogen.
The PM said that the government is working on mission mode to increase the consumption of natural gas in our energy mix from 6 per cent to 15 pr cent by 2030 where all the needed infrastructure will be provided by ‘One Nation One Grid’.
Highlighting India’s emphasis on domestic exploration and production, Modi said that the EP sector has shown interest in the areas hitherto considered inaccessible. “We have reduced the 'No-Go' areas. Due to this, 10 lakh square kilometre area has been freed from the restrictions of No-Go. I would urge all the investors to make use of these opportunities, and increase your presence in the exploration of fossil fuels”, he said.
Dwelling on bio-fuel, he said that preparation is on for 12 commercial 2G Ethanol plants.
Similarly, efforts are in the direction of the commercial feasibility of sustainable aviation fuel and renewable diesel. Mentioning the provisions of this year’s budget the Prime Minister informed about 500 new ‘waste to wealth’ Gobardhan plants, 200 compressed biogas plants and 300 community-based plants which will create new avenues of investments.
He also added that India will increase the share of green hydrogen to 25 per cent by replacing grey hydrogen. /BI/
