Prime Minister Narendra Modi on Monday inaugurated the fourth virtual annual event of India Energy Forum by CERAWeek boosting about India emerging as the most attractive emerging market of Clean energy consumption.
The event convened an international group of speakers of over 30 countries, thousand delegates from India, regional energy companies, energy-related industries, institutions, government and others. It was organized by NITI Aayog and Ministry of Petroleum & Natural Gas.
It saw around 45 CEOs of prominent international oil and gas companies and Energy and Oil ministers of several nations such as US Energy Secretary Dan Brouillette, Organization of the Petroleum Exporting Countries (OPEC) Secretary-general Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud.
What is India Energy Forum?
India Energy Forum is an Indian Organization which represents the energy sector as a whole. The objective behind the annual meets and the Forum is to deliver a global platform to recognize finest-methods, deliberate over reforms and plan strategies for enhancing investments into the Indian Oil and Gas sector.
The Forum was established in October 2001 with its headquarters at New Delhi, and most of the significant public and private sector organizations in Power, Oil and Gas, Coal and Renewable Energy have become its members.
It operates as an independent promoter of the industry giving solutions to existing oil issues, helping development and investment in India. The Forum brings companies and government (Centre and State) together to agree over regulatory structures and policies, public sector intervention, prices and others.
Highlights of Prime Minister Narendra Modi’s Speech:
The COVID-19 pandemic has hit the consumption pattern adversely in almost all sectors, including Gas and Oil. PM Modi projects India to emerge as a leading energy consumer, to nearly double its energy consumption over the long term.
Addressing the India Energy Forum. Watch. https://t.co/kMlsRqU7rt
— Narendra Modi (@narendramodi) October 26, 2020
The speech could be summarised in seven key drivers of India’s energy map. PM Modi called them as the seven horses driving the chariot of Sun god.
- Gas-based economy:
PM Modi said “India will increase its refining capacities from about 250 to 400 Million Metric tonnes Per Annum by 2025. Increasing domestic gas production is a key priority. We plan to achieve ‘One Nation One Gas Grid’ and shift towards a gas-based economy.”
- Cleaner Energy:
Lauding India’s efforts of energy conservation, PM Modi pointed out India saves annually Rs 24,000 crore due to clean energy with an approximate reduction of greenhouse gas emission of over 4.5 crore tonnes of CO2 annually. Thus, he backs India as a market for clean energy and environment-conscious investment.
PM talked about the vision of ‘आत्मनिर्भर भारत (Aatmanirbhar Bharat) and how the energy sector is at the core of force multiplier for this mission.
- Responsible pricing:
PM Modi didn’t shy away to talk about roller-coaster oil prices and asked to work towards transparent, flexible and affordable prices of both oil and gas.
- Renewable target of 450 GW by 2030:
Stressing that India believes global good, he talked about the country’s commitment to increase the renewable energy installation capacity by 175 GW by 2022, and a target of 450 GW is set for 2030.
- Moving into emerging fuels:
PM Modi took a stance on a shift towards better fuel and alternative energy such as hydrocarbon. Excessive use of non-renewable energy only cost us in the long term.
- Digital innovation:
In this technology-led life, as other sectors are embracing themselves into the tech world, the energy sector should have digital innovation.
In the event, PM Modi also emphasized that India Energy Forum will be growth-centric, investor-friendly and environment-conscious; thus making the project more attractive and important. India is the world’s third-largest energy consumer, and forums like these will help the country to make a mark in the growing globalized world.