India Energy Week: PM Modi announces $67 billion investment plan
New Delhi: Prime Minister Narendra Modi announced an unprecedented investment initiative of $67 billion in the natural gas supply chain over the next 5-6 years during his address at the second edition of the India Energy Week in Goa on Tuesday.
Emphasizing the goal of meeting the escalating energy demands of the world's fastest-growing major economy, PM Modi highlighted that these unprecedented investments are crucial.
He highlighted the current reforms by his government, which have resulted in a substantial increase in natural gas production within the country.
The predominant motive is to raise the share of natural gas in India's energy mix from the current 6.3% to 15% by 2030.
Natural gas is considered a transitional fuel as India endeavours to reach the goal of net-zero carbon emissions by 2070, aligning it as a cleaner substitute for traditional fossil fuels.
As a result of India's strong economic growth, over 7.5% in the first six months of FY23, the energy needs of the country have surged exponentially. Modi emphasised that India is the third-largest consumer of energy, oil, and LPG globally, the fourth-largest LNG importer and refiner, and the fourth-largest automobile market.
It is anticipated that the country’s energy demand will be doubled by 2045. Modi urged global investors to make use of the opportunity that India presents as the world's fastest-growing energy market.
The Prime Minister convened a roundtable meeting with international oil and gas CEOs and experts, emphasizing the imperative for sustainable and affordable fuel accessibility for all.
Modi accentuated India's pivotal role in influencing global energy patterns, highlighting its capacity to address domestic requirements while actively participating in global discourse.
The strategy to address the escalating demand for energy involves a combination of conventional fuels and renewable sources such as biofuels and hydrogen. Modi reiterated the government's commitment to expanding India's energy capacity, as outlined in the interim budget for 2024-25, which includes a record investment of Rs 11.11 lakh crore.
With a focus on increasing domestic natural gas production, significant investments are expected, aiming to elevate the gas share in the primary energy mix to 15%. Modi announced a substantial investment of USD 67 billion over the next 5-6 years towards this initiative.
Highlighting India's dedication to environmental sustainability, Modi mentioned achievements like the rise in ethanol blending in petrol to 12% and the formation of a global alliance on biofuels.
He also noted a reduction in carbon emissions by 42 million tonnes through ethanol blending and the government's plan to establish 5,000 plants producing compressed biogas from agricultural and municipal wastes.
Addressing global environmental concerns, PM Modi stressed India's commitment to developing environmentally friendly energy sources.
India ranks fourth globally in renewable energy installed capacity, with renewables constituting 40% of the nation's total installed capacity.
PM Modi concluded by highlighting India's National Green Hydrogen Mission, positioning the country as a hub for hydrogen production and export. He expressed confidence that India's green energy sector would benefit both investors and industries.
India Energy Week 2024, scheduled from February 6 to 9 in Goa, is a platform for comprehensive discussions on the nation's energy future, bringing together stakeholders from across the energy value chain.
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