Prime Minister Narendra Modi said on Monday that India is “well on track” to meet its renewable energy target of adding 175 gigawatts (GW) of renewable energy to its power grid by 2022 and that the country will continue to “fight climate change.” . India’s energy plans are aimed at ensuring energy justice, the prime minister said, adding that this will be ensured while fully meeting the country’s global commitments to sustainable goals. He said that India is one of the most active nations in promoting renewable energy sources.
“India is well on track to meet its COP21 commitment to increase electricity generation from renewable energy sources to 175 gigawatts by 2022,” Prime Minister Modi said at the India Energy Forum by IHS CeraWeek. “A self-sufficient India will also be a force multiplier for the world economy. Energy security is at the core of our efforts … With a smaller carbon footprint, our energy sector will be growth focused, industry friendly and environmentally conscious, ”he added.
Praising India’s energy conservation efforts, Prime Minister Modi said: “In the past six years, more than 11 million smart LED street lights have been installed. This has allowed an estimated energy savings of 60 billion units per year. The estimated reduction in greenhouse gas emissions with this program is more than 4.5 million tons of CO2 per year. “
The prime minister also said that India will boost global energy demand as he pointed out his government’s recent reforms in the sector to global investors. He said the coronavirus pandemic had caused global energy demand to fall by a third, impacted investment decisions and predictions of a demand contraction in the coming years. But India is likely to see energy consumption double in the long term, he said.
Stating that India has seen transformative reforms in the energy sector in the past five years, the Prime Minister highlighted changes in the oil and gas exploration and production regime, as well as in gas trading. “India’s reform process has been going very fast in the last five years,” he said.
India will increase oil refining capacity to 450 million tons by 2025 from the current 250 million tons, Prime Minister Modi said in his virtual speech. Modi said India’s energy future is bright and secure, adding that access to energy must be affordable and reliable.
Launching a gas-based economy, PM Modi said: “Our refining capacity will increase from approximately 250 to 400 MMT per year by 2025. Increasing national gas production has also been a government priority. We plan to achieve One Nation, One Gas Grid and shift to a gas-based economy. “
The fourth edition of the India Energy Forum, which brought together an international group of speakers and a community of delegates from India and more than 30 countries, was opened by PM Modi. Speakers at the event will include Union Minister of Oil and Natural Gas Dharmendra Pradhan, Saudi Arabia Minister of Energy Abdulaziz bin Salman Al Saud, and United States Secretary of Energy Dan Brouillette, among others.
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