Prime Minister on October 26, 2020 delivered inaugural address at 4th India Energy Forum CERAWeek through video conference.
The theme of this edition is “India’s Energy Future in a world of Change”.
Main points of speech
- India is the third largest and the fastest growing aviation market in terms of domestic aviation and Indian carriers are projected to increase their fleet size from 600 to 1200 by 2024.
- India believes that access to energy must be affordable and reliable.
- India’s Energy Plan aims to ensure energy justice while fully following India’s global commitments for sustainable growth. This means more energy is needed to improve the lives of Indians with a smaller carbon foot-print.
- The target to increase the installed renewable energy capacity to 175 GW by 2022 has been further extended to 450 GW by 2030.
- The reforms in Exploration and Licensing Policy, shifting the focus from ‘revenue’ to ‘production’ maximisation, focus on greater transparency and stream-lined procedures and plan to grow refining capacities from about 250 to 400 Million Metric tonnes per annum by 2025.
Seven key energy drivers
The Prime Minister said like the seven horses driving the chariot of Sun god, India’s energy map will have seven key drivers.
1. Accelerating our efforts to move towards a gas-based economy.
2. Cleaner use of fossil fuels particularly petroleum and coal
3. Greater reliance on domestic sources to drive bio-fuels.
4. Achieving the renewables target of 450 GW by 2030.
5. Increasing the contribution of electricity to de-carbonize mobility.
6. Moving into the emerging fuels including hydrogen
7. Digital innovation across all the energy systems.
(Source: PIB)
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