Bharat Times | India’s growing energy demand offers investment opportunities: PM

Feb 06,2023

Prime Minister Narendra Modi on Monday launched E20 fuel and flagged off a green mobility rally on the occasion of India Energy Week 2023 in Bengaluru. Union Housing and Urban Affairs Minister Hardeep Singh Puri, Governor Thaawarchand Gehlot and Chief Minister Basavaraj Bommai are seen.

India’s energy demand has increased significantly and in the coming years, it will reach 11% of the global demand as compared to 5% at present, Prime Minister Narendra Modi inaugurated the India Energy Week (IEW) 2023 in Bengaluru on Monday. said while doing

“There has been a significant increase in energy demand in the country. This provides an opportunity for energy companies to invest and collaborate with energy companies in the country,” he said.

The Prime Minister said that the energy sector has played a major role in shaping the future of the world in the 21st century and India today is one of the strongest voices in the energy transition and development of new energy resources. Moreover, the country has a large segment of aspirational population and energy will play a key role in meeting the aspirations of these people, in fact, India’s energy demand will be among the highest globally in the coming years, Shri Modi said at the International Energy quoted the agency as saying.

He said that the government has set aside Rs 1 lakh crore for green hydrogen under the National Green Hydrogen Mission. The country was a pioneer in the green hydrogen space, and will replace gray hydrogen (made from natural gas, or methane, using steam methane reforming but without capturing the greenhouse gases created in the process), to increase its share to 25%. next five years.

Addressing a large gathering of energy experts and heads of global energy companies, Shri Modi said that global and domestic investors should increase their presence in fossil fuel exploration in the country. He said that a ‘no-go zone’ of about 10 lakh square kilometers had been freed for energy exploration.

domestic exploration
Domestic exploration of fuels and enhancement of production of such fuels was one of the focus areas for the energy sector in the country. “Based on the investor sentiment, we have reduced the no-go areas in the country by 10 lakh sq km to facilitate exploration in difficult areas of the country,” he added.

The Prime Minister said the country’s energy sector is also focused on verticals such as supply diversification, expansion of bio-fuels, ethanol, solar and other alternative energy sources and adoption of electric vehicles or hydrogen-based fuels for decarbonisation. According to the Prime Minister, in 2014, the gas pipeline length in India was around 14,000 kms, now it was over 22,000 kms and the network was expected to cross 35,000 kms in the next four to five years.

changing energy landscape
Speaking at the inaugural session of the programme, Union Minister for Petroleum and Natural Gas and Housing and Urban Affairs Hardeep Singh Puri said that the country’s energy landscape has undergone a significant change in the recent years. “To accommodate these changes, the government stands ready to play a catalytic role in accelerating the adoption of low carbon alternatives including biofuels, electric vehicles and green hydrogen,” he said.

He said that cooperation and transition towards low carbon energy was important in the achievement of the country’s climate change goals.

According to Mr Puri, IEW 2023, which is touted to be India’s first comprehensive energy programme, covering the entire value chain in the G20 presidency year, is designed to ensure energy security, affordability and access.