PM wants affordable and reliable access to energy
India is set for a US$200 billion investment in the energy sector which will be growth-centric, investor-friendly and environment conscious, Prime Minister Narendra Modi told the Fifth India Energy Forum on 26 Oct 2020.
“Our energy sector will be growth-centric, investor-friendly and environment conscious,” he told global energy leaders at the forum, stressing “Access to energy should be affordable and reliable.”
Modi listed opportunities in the sector, expecting over US$200 billion international investments.
These include US$70 billion for gas infrastructure with interests seen from oil majors such as Total, Exxon Mobil, and Shell.
Further US$60 billion investment is expected in the upstream hydrocarbon prospecting and US$80 billion in the downstream petroleum refining industry.
The refining industry is expected to increase capacity to 450 million tonnes by 2025 from the current 250 million tonnes a year.
Elaborating on India’s energy plans, he said 1.1 crore smart LED street lights have been installed over the past six years as a part of energy conservation efforts.
This has resulted in an estimated energy saving of 6 crore units per year with an annual greenhouse gas emission reduction of over 4.5 crore tonnes of CO2.
Modi underlined India’s energy map with seven key drivers:
1. Accelerating our efforts to move towards a gas-based economy.
2. Cleaner use of fossil fuels particularly petroleum and coal
3. Greater reliance on domestic sources to drive bio-fuels.
4. Achieving the renewables target of 450 GW by 2030.
5. Increasing the contribution of electricity to de-carbonize mobility.
6. Moving into the emerging fuels including hydrogen.
7. Digital innovation across all the energy systems.
“We had aimed to increase the renewable energy installed capacity by 175 GW by 2022. We have further extended this goal to 450 GW by 2030,” the Prime Minister said.
“India has one of the lowest carbon emissions than the rest of the industrialized world. Yet, we will continue to make efforts to fight climate change.”
He highlighted India’s reform journey, saying it has been on high speed for the last six years.
The energy sector has seen many path-breaking reforms. Reforms in Exploration and Licensing Policy were put in place in February 2019. The focus has shifted from ‘revenue’ to ‘production’ maximisation.
There is also a focus on greater transparency and streamlined procedures
“Increasing domestic gas production has been a key government priority. We plan to achieve ‘One Nation, One Gas Grid’ and shift towards a gas-based economy,” said the Prime Minister.
Speaking at the forum, Petroleum and Natural Gas Minister Dharmendra Pradhan has highlighted the strategic reserves plan and called for partnerships to expand the storage capacity to 22 days of crude oil imports. #energy #investment #reforms #projects #renewables /fiinews.com