Moneycontrol | India front-runner in fighting climate change, says Hardeep Puri

Jan 13,2023

India is moving fast on the energy transition agenda and is the front runner in mitigating climate change globally, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said on January 13.

Speaking at Auto Expo 2023, the minister said, “Today’s event marks the extent to which India is willing to innovate to keep its pledge of protecting the environment while simultaneously addressing the growing demand for energy.”

India’s flagship automotive show, being held in Uttar Pradesh’s Greater Noida, opened for the public on January 13.

The 16th edition of Auto Expo explores the industry's vision of the most advanced futuristic green technology for a safer, cleaner, greener and connected tomorrow, the Society of Indian Automobile Manufacturers (SIAM), which is organising the event, said.

The minister emphasised that the Auto Expo was a unique opportunity to showcase India as both an engine of global economic growth and a driver of global consumption.

Auto Expo 2023: Vayve Mobility unveils India's first solar car 'Eva'  Auto Expo 2023: Vayve Mobility unveils India's first solar car 'Eva' 
Puri said for the automobile industry “the event will be an exposition of our technology, capability and vision of the mobility for tomorrow-safer, cleaner, connected and shared”.

His remarks on energy security and transition come a day after he said oil marketing companies (OMCs) "took big hits" during fiscal year 2022-23, and discussions were on to compensate them to pare their losses.

OMCs suffered losses for not passing on the entire burden of the surge in fuel prices, on account of geopolitical factors, during the first half of this fiscal. The government in October 2022 released Rs 22,000 crore to compensate them.

Ethanol blending

The minister said India increased ethanol blending in petrol to 10 percent in 2022 and also advanced to 2025-its target to achieve 20 percent blending.

He said ethanol blending augmented the country’s energy security and translated into forex savings of over Rs 41,500 crore. It also reduced greenhouse gas emissions by 27 lakh MT (metric tonnes) and benefitted farmers with expeditious payment of over Rs 40,600 crore.

“We are also launching a global alliance on biofuels along with USA and Brazil during India’s presidency of G20,” he said. India took over as the leadership of the grouping on December 1 for a period of one year.