India’s massive investment in the infrastructure sector will further boost the country’s energy requirements, potentially doubling energy demand by 2045, Prime Minister Narendra Modi said.
Inaugurating the India Energy Week 2024 summit at Goa, Modi also highlighted India’s status as the world’s fourth largest automobile market and underlined the rising demand of electric vehicles in the country.
“The energy sector is important in India’s growth story. India is already the third-largest energy consumer. It is the third largest oil consumer and the third largest LPG consumer. We are the world’s fourth largest importer of LNG, fourth largest refiner and fourth largest automobile market,” Modi said in his inaugural address at the three-day event.
“Today, new records are being made in the sales of two-wheelers and four-wheelers in India. Demand for EVs is continuously increasing.It is also estimated that India’s primary energy demand will double by 2045,” he told attendees at the second edition of the annual summit.
Total energy consumption in India grew by 8% in 2021 and 6.5% in 2022, and exceeded 1 gtoe (gigaton of oil equivalent) in 2022 for the first time.
Asserting India’s infrastructure push, Modi said the government has pledged ₹11 trillion ($132 billion) in the recent interim budget, a big part of which will go to the energy sector.
This amount will create assets in railways, roadways, waterways, airways or housing which will need energy, leading to India’s efforts to expand its energy capacity, Modi said.
Addressing global environmental concerns, Modi said, “Despite being home to 17% of the world’s population, India’s carbon emission share is only 4%.”
“We are committed to further improving our energy mix by focusing on the development of environmentally sensitive energy sources,” he added, as he reiterated India’s goal to achieve net zero emissions by 2070.
Modi noted that India ranks fourth in renewable energy installed capacity, and 40% of India’s installed capacity comes from non-fossil fuels.
Highlighting the nation’s progress in solar energy, the prime minister stated, “In the past decade, India’s solar energy installed capacity has grown by more than 20 times.”
Modi noted that the launch of a major mission aimed at installing solar rooftop panels in 10 million homes across India will not only make 10 million families self-reliant in the energy sector but also establish mechanisms to deliver excess power generated directly to the grid.
“The campaign to connect with solar energy is gaining momentum in India,” he said, adding that there is a great potential for investment in the entire solar value chain.
The prime minister also drew attention to India’s growing adoption of alternative energy sources such as biofuel and green hydrogen, expressing confidence that the green energy sector can make both investors and industries a sure shot winner.
“Government has set a target of 20% ethanol blending in petrol by 2025,” he said.
The prime minister also forecasted that the National Green Hydrogen Mission will pave the way for India becoming a center of hydrogen production and export.
Seventeen energy ministers from various countries are expected at the India Energy Week 2024, in addition to more than 35,000 attendees, and over 900 exhibitors.
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