Prime Minister Narendra Modi said on Monday that India’s energy is a bright and secure future and that energy consumption will double in the long term and the country’s energy will power the world.
“A self-sufficient India will also be a force multiplier for the world economy. Energy security is at the core of our efforts,” he said.
PM Modi addressed the 4th India Energy Forum by CERAWeek.
In his speech, Modi said: “Our energy sector will be focused on growth, it will be investor friendly and environmentally conscious.” He also said that access to energy must be affordable and reliable.
“India will increase oil refining capacity to 450 million tons by 2025 from the current 250 million tons,” Modi added when addressing the event.
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 carbon dioxide per year. “
“The main world organizations project that global demand will contract over the next few years. But these agencies project India as a leading consumer,” he said.
India, he said, was on track to meet its COP21 commitment to increase electricity generation from renewable energy sources to 175 gigawatts by 2022.
“We have further expanded the target to 450 GW by 2030,” he said, adding that India has one of the lowest carbon emissions.
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 emphasized.
The event brought together an international group of speakers and a community of over a thousand delegates from India and more than 30 countries.
Speakers at the event included Union Minister of Oil and Natural Gas and Minister of Steel, Dharmendra Pradhan, Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia and Dan Brouillette, Secretary of Energy of the United States, among others. .
The Minister of Oil and Natural Gas, Dharmendra Pradhan, in his speech said that India is the third largest consumer of energy and demand is expected to continue to grow. India’s energy agenda is inclusive and sensitive to climate change, he added.
“We are aware of the importance of the Indian economy to the world. Saudi Arabia is always ready to fulfill our commitment to India,” Saudi Energy Minister Abdulaziz bin Salman Al Saud said at the event.
The Prime Minister’s Office (PMO) had previously said that this is the fifth such event organized by NITI Aayog and the Ministry of Oil and Natural Gas, and around 45 CEOs from major oil and gas companies will attend. the round table this year.
The objective behind the meeting is to offer a global platform to understand best practices, discuss reforms and inform strategies to accelerate investments in India’s oil and gas value chain, the PMO said in a statement.
The annual interaction has gradually become one of the most important gatherings not only for intellectual debate but also for executive action, he said.
The event also grows in importance with the rise of India, the world’s third-largest energy consumer, which will likely see an investment of more than $ 300 billion by 2030 in the oil and gas sector to meet growing demand, said the PMO.
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