India is likely to account for 25 per cent of the global energy demand growth over the next two decades, Union Minister for Petroleum & Natural Gas Hardeep Singh Puri has said.
India’s energy demand, he said, would continue to provide fuel for future economic growth and was bound to grow exponentially in the coming years. He said that at present the country was the world’s third largest consumer of oil, third largest LPG consumer, fourth largest LNG importer, fourth largest refiner and fourth largest automobile market, the minister said while addressing a gathering at the inauguration of the 26th Energy Technology Meet.
Talking about the fast progress made by India in the green and clean energy sector, Mr Puri said that the 10 per cent target on biofuel blending by November, 2022 was attained five months in advance, and the 20 per cent biofuel blending target of 2030 has been advanced to 2025.
Speaking about the management of three challenges in the energy sector i.e. availability, affordability and sustainability, he said that for a start India did not allow its challenge on sustainability to deccelerate.
”Slowly but surely, we are shedding this limit of 20 per cent as it was imposed by us on ourselves because the automobile companies told us that with up to 20 per cent blending not much change is required in engines. But now we have 20 per cent blended fuel and the process of setting up of ethanol and biogas plants etc. is underway rigorously,” Mr Puri added.
With the launch of Biofuels Alliance, he said the global biofuel market would go up from $ 92 billion at present to $ 200 billion very shortly.