Policy focus on e-mobility, clean fuels: PM Modi
The policy will be industry friendly and growth oriented but energy should be affordable and reliable so it empowers people and improves their lives, Modi said
The policy will be industry friendly and growth oriented but energy should be affordable and reliable so it empowers people and improves their lives, Modi said.
“India’s Energy Plan aims to ensure energy justice. That too while fully following our global commitments for sustainable growth,” he said at the India Energy Forum by CERAWeek, where petroleum minister Dharmendra Pradhan, US secretary of energy Dan Brouillette, and Saudi oil minister Prince Abdulaziz bin Salman also spoke.
Modi supported the use of domestic, clean fuels, including biofuels and natural gas. “Increasing domestic gas production has been a key government priority. We plan to achieve ‘one nation, one gas grid’, and shift towards a gas-based economy,” Modi said.
The Prime Minister called for better market mechanisms and stability in oil and gas. “For too long, the world has seen crude prices on a roller-coaster. We need to move towards responsible pricing. We have to work towards transparent and flexible markets for both oil and gas,” he said.
He said India would be a major factor in the global demand for energy. Leading global bodies had projected a contraction in global demand for the next few years, but they also project India to be a leading energy consumer, he added.
“There are many areas in which we see this vibrancy. For example, take aviation. India is the third largest and the fastest growing aviation market in terms of domestic aviation. Indian carriers are projected to increase their fleet size from 600 to 1,200 by 2024. This is a big jump!” he said.
The government aims to increase its domestic refining capacity from 250 million to 400 million metric tonnes per annum by 2025, he said. However, clean energy would be a focus area.
“This means more energy to improve the lives of Indians, but with a smaller carbon footprint,” Modi added in context of international accords like the Paris Agreement.
The Prime Minister said India remained committed to reduce emissions and combat climate change. “India has one of the lowest carbon emissions than the rest of the industrialised world, yet we will continue to make efforts to fight climate change,” he said.
The Prime Minister stressed on the need to make energy an instrument of social transformation, but growth and investment would remain key pillars.
“Our energy sector will be growth centric, industry friendly and environment conscious. That is why, India is among the most active nations in furthering renewable sources of energy.”