Prime Minister Narendra Modi on Tuesday inaugurated India Energy Week 2024 in Goa, and talked about the estimates of doubling of the nation’s energy demand by 2045.
PM Modi said oil demands will be doubled from the current 19 million barrels. He elaborated India’s plan to meet this growing demand.
Highlighting the efforts to ensure affordable fuel, PM Modi said that despite adverse global factors, India was among the few nations where petrol prices have come down and 100 per cent electricity coverage was achieved by electrifying crores of houses.
“India is not just meeting its needs but is also determining the global direction”, the Prime Minister added.
At the second edition of the India Energy Week, PM Modi noted that India was the world’s third largest energy, oil and LPG consumer. Furthermore, he said India was the fourth largest LNG importer and refiner along with the fourth largest automobile market.
He also underlined rising demand of EV in the country. Throwing light on the circular economy and concept of reuse being a part of India’s ancient traditions, the Prime Minister noted that the same was applicable for the energy sector.
He said that this belief was symbolised by the Global BioFuel Alliance which brings together governments, organisations and industries from across the world on a single platform.
Initiated during the G20 Summit held in India, the Prime Minister highlighted the holistic support received by the Alliance and informed about 22 nations and 12 international organisations coming onboard to encourage the use of biofuels in the world, while also creating economic opportunities worth USD 500 billion.
Highlighting India’s progress in the biofuel sector, PM Modi informed about India’s rising adoption rate. He said that ethanol blending witnessed a significant rise from 1.5 per cent in 2014 to 12 per cent in 2023 leading to a reduction in carbon emissions by about 42 million metric tonnes.
“Government has set a target of 20 per cent ethanol blending in petrol by 2025”, he said.
Recalling the initiation of 20 per cent ethanol blending in more than 80 retail outlets during India Energy Week last year, Modi informed that the number of outlets has now increased to 9,000.
He mentioned Rs 11 lakh crore that the recent Budget pledged for infrastructure, a big part of which will go to the energy sector.
This amount will create assets in railways, roadways, waterways, airways or housing which will need energy leading to India’s efforts to expand its energy capacity, he said.
He noted rising production of domestic gas due to the government’s reforms and the country was making efforts to take the percentage of gas in the primary energy mix to 15 per cent from from 6 per cent .
This will see an investment of about 67 billion dollars in the next 5-6 years, he informed.
India Energy Week 2024 is India’s largest and only all-encompassing energy exhibition and conference, bringing together the entire energy value chain to catalyse India’s energy transition goals.
The Prime Minister also held a roundtable with Global oil & gas CEOs and experts.