New Delhi (NVI): With its huge energy appetite and growth potential, India will be the key driver of global energy demand in the coming decades and it will chart its own course of energy transition in a responsible manner said Petroleum Minister Dharmendra Pradhan on October 15.
Speaking at the ministerial dialogue at third energy forum by CERAWeek, Pradhan said, “To meet this huge demand, India would need a healthy mix of all commercially viable energy sources.”
He further said, “Prime Minister has given us a target to transform the Indian economy to a 5 trillion dollar in the next five years. We are making concerted efforts and taking all necessary steps to make this a reality. The energy sector will be fueling India’s journey towards this stated goal of a 5 trillion dollar economy.”
“The presence of ministers at the Forum is a testimony to the high importance that the government accords to India’s energy sector in a dynamic global energy landscape,” Pradhan added.
The event was also attended by Railways Minister Piyush Goyal, Pralhad Joshi, Minister of Coal and R.K. Singh, Minister of Power and New & Renewable Energy.
During the event, Railway minister Goyal gave a glimpse of India’s path of the energy transition, stating, “The share of renewables in electricity capacity has significantly gone up now to 22% from around 10% in 2014-15. Secondly, the ethanol blending percentage has risen from 0.67% in 2012-13 to now close to 6%. Finally, more than 95% of households now have access to LPG, making their kitchens smoke-free.”
“We are on the cusp of energy revolution and energy has become an essential commodity in our bilateral trade engagements with several key trading partners, we are improving domestic coal production, reducing import dependency, and Gas is playing an important role in the energy basket,” Goyal added.
He further added, “Indian Railways is on the path to be 100% electrified by 2023. PM Modi has shown the world, the path to climate justice and a sustainable future. Modern technologies, efficiency in production are transforming the landscape. Mr Pradhan has been on the right track in taking forward India on the path to becoming a gas-based economy.”
“There are proven technologies to use coal in a cleaner and more sustainable way, and washeries are being set up and for the next 20-30 years, coal will continue to play an important role in Indian energy scenario,” said Prahlad Joshi.
Mentioning about the setting up of a fertilizer plant in Odisha which would be first of its kind in terms of using coal gasification technology, Joshi said, “My mandate is to ensure availability of coal, we are equally sensitive about environment issues. Our per capita consumption of coal is about 1/10th of that of the United States. So, with the help of technologies we are going to use coal in a much cleaner way.”
Power Minister R.K. Singh said, “Energy affordability is key to improving energy access. We are preparing for a low- carbon energy future as our government aims to set up a 450GW of renewable energy capacity by 2030.”
Enunciating India as an attractive destination for global investors, Singh said, “Power sector has seen a tremendous change in the last five years. We have travelled from being a power deficit nation to a power surplus nation. We have made a quantum leap in our renewable energy capacity. We are one of the fastest-growing producers and consumers of renewable energy.”
“We have laid down stringent emission standards for our power plants. In the last five years we have carried out an unparalleled and fastest and largest increase in access to energy the world has witnessed,” he further said.
Speaking about investment potential India holds, he said, “If you are in energy, you must be in India.”