PSU Watch | IEW 2023 closes with India launching Global International Biofuel Alliance; next edition in Goa

Feb 08,2023

India Energy Week 2023 came to a close on Wednesday with India launching the Global Biofuel Alliance. Addressing the closing ceremony of the IEW 2023, Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Wednesday, “This event has provided an inflexion point in the Indian energy sector’s evolution.”

Acknowledging the unprecedented possibilities emerging in the energy sector, the minister announced that the next edition of India Energy Week will be held in Goa.
India launched a Global Biofuel Alliance to help develop a favourable ecosystem for promoting the development and deployment of biofuels with key stakeholders, including US, Brazil, EU, IEA, Bio Future Platform, SIAM, ISMA.

“During India Energy Week 2023, India’s journey across the energy spectrum was showcased through an immersive digital exhibition and ministerial dialogues taking whole-of-government approach, including the Ministry of Power, Ministry of New and Renewable Energy, Ministry of Road Transportation and Highways, Ministry of Environment, Forests & Climate Change, Niti Aayog and G20 Sherpa of India,” said Puri.

The event was held in Bengaluru from February 6 to 8 and attracted participation from more than 35 foreign ministers, including heads of international organisations, 500 international speakers, over 30,000 energy professionals, over 8,000 delegates and 700 exhibitors from over 50 countries, who discussed India’s pioneering approach in the energy sector, said the Ministry of Petroleum and Natural Gas in a statement.

‘Indian Energy Week 2023 brought together all international, domestic stakeholders’
Congratulating the participants in the IEW 2023 for making it a resounding success, the minister said that being the first major event under India’s G20 presidency, it provided a dynamic unique opportunity for India to bring together all the international stakeholders, domestic as well as international, on a common platform to facilitate growth, collaboration and transition to a transformative and prosperous future for all.

The minister said that India utilised the IEW opportunity to showcase various initiatives taken by the government in the energy domain to ensure energy security of its 1.4 billion citizens while also confirming Prime Minister Narendra Modi’s pledge at COP26 to cut India’s emissions to achieve Net-Zero by 2070.

Further elaborating on the positive outcomes of IEW, Puri said that the India pavilion provided an immersive digital experience, showcasing India’s energy evolution, innovation, achievements, multi-pronged strategy to diversify our energy mix, policy reforms, energy transition and sustainability actions and goals. The strategic conferences were successful in bringing together key stakeholders from the integrated energy value chain to share insights on strategies and trends impacting global energy markets, while executive sessions convened leaders at the forefront of business operations to share best practices in pursuing the net zero agenda, and the technical conference offered engineers and project managers access to latest industry expertise, he added.

At the conclusion of the event, the 7th CEOs Roundtable brought together nearly 30 heads and experts from the oil and gas sector to discuss and synergise approaches and understand each-other’s perspective on energy transition.

‘Dialogue on energy security on top of international agenda’
The minister said that India Energy Week led to several reinforcements and revelations. “Spiraling market volatility and an abrupt reorganisation of energy relations have brought back producer-consumer dialogue on energy security market stability, orderly and just transitions to the top of the international agenda. The era of innocence is done, and the era of resilience has begun,” said Puri.

“The energy transition will be more of a wave of managed change in the global energy portfolio versus an event, ensuring energy access and security, whilst progressing to net zero. Achieving the transition requires global coordination and access to skills, technology, and global financing,” he added.

“Energy security and low carbon and high energy density trade-offs rely on open, transparent, and undistorted markets. Greater connectivity and level playing competition will bring more cost-efficient transitions and inclusive growth,” said the minister.

Signing of important MoUs
The minister also talked about various agreements and Memoranda of Understanding signed on the sidelines of India Energy Week which have led to further strengthening of collaborations and partnerships in the energy sector.

An MoU was signed between Directorate General of Hydrocarbons (DGH), Ministry of Petroleum & Natural Gas (MoPNG) and University of Houston, Texas, USA, as a step forward in strengthening the strategic partnership between India and the United States for establishing a data centre with the University of Houston.

A Statement of Intent (SoI) was also signed between Petroleum Planning and Analysis cell (PPAC) and the International Energy Agency (IEA) to strengthen cooperation in the field of data and research in the energy sector to enhance global energy security.