Indian Prime Minister Narendra Modi highlighted the importance of the energy sector and the need for foreign investment in this sector as he flagged off ‘India Energy Week’ (IEW) in Bengaluru on February 6. At the event, the PM inaugurated uniforms made out of recycled PET bottles and an indoor solar cooking system. India Energy Week is the first significant energy event of the G20 calendar, after India has taken over the presidency.
“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 India that is moving with a resolution of a Viksit Bharat,” the PM said while addressing the event.
According to the International Energy Association (IEA), India’s energy demands will be highest in the present decade which presents an opportunity for the investors and stakeholders of the energy sector. Also its share in the global oil demand is 5 percent which is expected to rise to 11 percent, whereas the gas demand of India is expected to rise up to 500 percent.
The government is working on mission mode to increase the consumption of natural gas in our energy mix from 6 percent to 15 percent by 2030 where all the needed infrastructure will be provided by ‘One Nation One Grid’, he added. PM Modi also underlined India’s aim to produce 5 MMTPA green hydrogen by the end of this decade which brings in the possibility of investments of more than Rs 8 lakh crore. Also an increase in the share of green hydrogen to 25 percent by replacing grey hydrogen. “In the next few years, solar cook-top will reach 3 crore households. There is a huge opportunity for investments in this sector,” he said.
IEW aims to showcase India’s rising prowess as an energy transition powerhouse. Over 30,000 delegates, 1,000 exhibitors and 500 speakers will gather to discuss the challenges and opportunities of India’s energy future.
Ahead of the India Energy Week, IEA said adopting India’s LiFE initiative could help reduce global carbon dioxide emissions by more than 2 billion tonnes in 2030, about one-fifth of the emission reduction needed to be on the pathway to global net-zero emissions. India, the third largest national market globally for renewables, is currently 10 percent more energy efficient than both the international and G20 average, the IEA said in its latest report released Monday.