At India Energy Forum, PM Modi says India’s energy future bright and secure
Promoting India’s capability to be a global force multiplier, PM Modi said, “A self-reliant India will also be a force multiplier for the world economy. Energy security is at the core of our efforts.”Updated: Oct 26, 2020, 19:33 IST
Prime Minister Narendra Modi said on Monday India is “well on track” to meet its renewable energy target of adding 175 gigawatts (GW) of renewable energy to its electricity grid by 2022 and that the country would continue to “fight climate change”. India’s energy plans aim to ensure energy justice, the Prime Minister said, adding that this will be secured while fully following the country’s global commitments for sustainable goals. He said India is one of the most active nations in furthering renewable sources of energy.
“India is well on track to meet its COP21 commitment of raising electricity generation from renewable energy sources to 175 gigawatts by 2022,” PM Modi said at the India Energy Forum by IHS CeraWeek. “A self-reliant India will also be a force multiplier for the world economy. Energy security is at the core of our efforts... With a smaller carbon footprint, our energy sector will be growth-centric, industry-friendly and environment-conscious,” he added.
Lauding India’s efforts of energy conservation, PM Modi said, “In the last six years, over 11 million smart LED street lights were installed. This has enabled an estimated energy saving of 60 billion units per year. The estimated greenhouse gas emission reduction with this programme is over 4.5 crore tonnes of CO2 annually.”
The Prime Minister also said that India will drive the global energy demand as he pointed out his government’s recent reforms in the sector to global investors. He said the coronavirus pandemic had resulted in global energy demand falling by one-third, impacted investment decisions and predictions of a contraction in demand over the next few years. But India is likely to see energy consumption double over the long term, he said.
Stating that India saw transformational reforms in the energy sector in the last five years, the Prime Minister highlighted changes in oil and gas exploration and production regime as well as gas marketing. “India’s reform journey has been on the high speed in the last five years,” he said.
India will grow oil refining capacity to 450 million tonnes by 2025 from the current 250 million tonnes, PM Modi said in his virtual address. Modi said India’s energy future is bright and secure, adding that access to energy should be affordable and reliable.
Pitching a gas-based economy, PM Modi said, “Our refining capacity will increase from about 250 to 400 MMT per annum by 2025. Increasing domestic gas production has been a government priority as well. We plan to achieve One Nation, One Gas Grid and shift towards a gas-based economy.”
The fourth edition of India Energy Forum, convening an international group of speakers and a community of delegates from India and more than 30 countries, was inaugurated by PM Modi. The speakers at the event will include Union minister of petroleum and natural gas Dharmendra Pradhan, Saudi Arabia’s energy minister Abdulaziz bin Salman Al Saud and US secretary of energy Dan Brouillette among others.