Energetica India | We will Leverage Our Presidency of G20 to Form an International Alliance on Biofuels: Hardeep Singh Puri

Nov 30,2022

India is committed to the transition to green energy and we are making all efforts to ensure that it is inclusive and sustainable, said Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, and Housing and Urban Affairs.

 “We will also leverage our presidency of the G20 to form an international alliance on biofuels,” added Puri.
 
The Minister also mentioned that “While the global economic and geopolitical climate remains uncertain, we are unwavering in our ambition to achieve the sustainability targets we have set for ourselves.”
 
On rising fuel prices, Puri said “India has been able to insulate itself from the rising fuel prices by taking several steps, including reduction in the excise duty by the Centre. We have been able to contain the fuel price rise in India in comparison to exponential rise in developed countries. Most of the developed nations have witnessed the rise in Gasoline price by almost 46% during July 21 to Nov’22. While in India, we have reduced the gasoline price by 2.12%.”
 
He was speaking at the KPMG’s energy and natural resources annual conclave ENRich 2022.
 
While delivering the welcome address, Yezdi Nagporewalla, CEO, KPMG in India, said, “We are running out of viable pathways to contain the worst effects of climate change. To keep the 1.5°C pathway in sight, the global energy system needs to accelerate its transformation significantly, shifting away from fossil fuels toward efficiency, electrification, and new fuels, quicker than even the announced net-zero commitments.”
 
During the inaugural session, KPMG also released a Thought Leadership report titled, “Closing the climate finance gap - A rapid yet sustainable scale-up of financing is critical to realise the Global Net Zero ambition”, which reviews trends in global climate finance demand-supply, distils constraints to climate finance flows and identifies transformation levers to expand climate finance flows sustainably for impact. A panel of coveted organizations in the ENR space discussed and deliberated on the implications of the trilemma for energy suppliers, users, policymakers, regulators, and service providers under the core theme “Dealing with the Energy and Resources Trilemma: Security, Affordability and Sustainability”.