India's energy demand to double by 2045: PM Modi

India's energy demand to double by 2045: PM Modi

Rising production of domestic gas to take the percentage of gas in the primary energy mix from 6 to 15 percent and this will see an investment of about US $67 billion in the next 5-6 years

  • By ICN Bureau | February 07, 2024

India's energy demand would double by 2045 said Prime Minister Narendra Modi while inaugurating India Energy Week 2024 in Goa, India’s largest and only all-encompassing energy exhibition and conference which brings together the entire energy value chain to catalyze India's energy transition goals.

The Prime Minister noted that India is the world's third largest energy, oil and LPG consumer. Furthermore, he said India is the fourth largest LNG importer and refiner along with the fourth largest automobile market. He also underlined rising demand of EV in the country. He also talked about the estimates of doubling the nation’s energy demand by 2045.

The Prime Minister elaborated India’s plan to meet this growing demand. Highlighting the efforts to ensure affordable fuel, the Prime Minister said that despite adverse global factors, India is 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.

Explaining the unprecedented infrastructure push, the Prime Minister mentioned 11 lakh crore rupees 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 noted rising production of domestic gas due to the government’s reforms and the country is making efforts to take the percentage of gas in the primary energy mix from 6 to 15 percent and this will see an investment of about US $67 billion in the next 5-6 years, he informed.

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 is applicable for the energy sector.

He said that this belief is symbolized by the Global BioFuel Alliance which brings together governments, organizations 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 organizations coming onboard to encourage the use of biofuels in the world, while also creating economic opportunities worth US $500 billion.

Highlighting India’s progress in the biofuel sector, Modi informed about India’s rising adoption rate. He said that ethanol blending witnessed a significant rise from 1.5 percent in 2014 to 12 percent in 2023 leading to a reduction in carbon emissions by about 42 million metric tons.

“Government has set a target of 20 percent ethanol blending in petrol by 2025”, he said. Recalling the initiation of 20 percent ethanol blending in more than 80 retail outlets during India Energy Week last year, PM Modi informed that the number of outlets has now increased to 9,000.

Outlining the government's commitment to transforming rural economies through the Waste to Wealth Management model, the Prime Minister highlighted the government's efforts towards sustainable development, Prime Minister Modi announced "we are working towards the installation of 5,000 Compressed Biogas Plants (CBG) in India."

Addressing global environmental concerns, Prime Minister Modi remarked, "despite being home to 17% of the world's population, India's Carbon Emission Share is only 4%." He added, "We are committed to further improving our Energy Mix by focusing on the development of environmentally sensitive energy sources." The Prime Minister reiterated India’s goal to achieve Net Zero Emissions by 2070.

Prime Minister Modi noted, "Today, India ranks fourth in the world in Renewable Energy Installed Capacity." 40 percent of India’s installed capacity comes from non-fossil fuels. Highlighting the nation's progress in solar energy, Prime Minister Modi stated, "In the past decade, India's Solar Energy Installed Capacity has grown by more than 20 times." He added, "The campaign to connect with Solar Energy is gaining momentum in India."

Prime Minister Modi noted that the launch of a major mission aimed at installing Solar Rooftop Panels in one crore homes across India, will not only make one crore families self-reliant in the energy sector but also establish mechanisms to deliver excess electricity generated directly to the grid. Prime Minister Modi emphasized the transformative impact of these initiatives. "There is a great potential for investment in the entire Solar Value Chain," he added.

Touching upon India’s stride in the green hydrogen sector, the Prime Minister highlighted the National Green Hydrogen Mission which will pave the way for India becoming a center of hydrogen production and export. He expressed confidence that India's green energy sector can make both investors and industries a sure shot winner.

The India Energy Week event reflects India's commitment to global cooperation in the energy sector. Prime Minister Modi remarked, "The India Energy Week event is not just India's event but a reflection of 'India with the world and India for the world' sentiment."

He encouraged collaboration and knowledge sharing in sustainable energy development, stating, "Let us learn from each other, collaborate on cutting-edge technologies, and explore avenues for sustainable energy development."

The Prime Minister also held a roundtable with Global oil & gas CEOs and experts.

Speaking at the inauguration Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs, Hardeep Singh Puri said "The event is being held at a crucial juncture in the global energy sector, where it aims to effectively address the pressing global energy challenges of ensuring energy availability, affordability, and sustainability while prioritizing energy security."

The Union Minister Puri also said that under the leadership of Prime Minister Narendra Modi, India’s flagship schemes like PM Ujjwala Yojana and global biofuel alliance have attracted the world’s attention and adoption.

The Minister said, “in keeping with the vision of the PM to turn adversity into an opportunity, India, despite having no large oil reserves of its own, has managed to successfully develop a large oil industry by strategic planning and investments in the refining sector.”

Last fiscal year, crude oil was India’s biggest import item, while petroleum products made up the largest share of exports, he noted.

The Minister expressed the optimism that with the convergence of brilliant minds, the IEW 2024 will lead to innovative solutions for the challenges the world faces in this volatile, uncertain, complex, and ambiguous environment. Together, we can navigate and overcome these challenges, creating a positive impact on a global scale, he said.

Earlier highlighting key opportunities around the second edition of India Energy Week 2024 for Goa, state Chief Minister Pramod Sawant said that the energy conclave is an opportunity for Goa to emerge as a global energy hub.

Governor of Goa, P. S. Sreedharan Pillai, Chief Minister of Goa; Pramod Sawant, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri and Union Minister of State for Petroleum, Oil and Natural Gas, Rameswar Teli were present on the occasion among others.

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