New Delhi: "Despite having a set of priorities that are different from that of a developed nation, India is committed to decarbonising its economy as a responsible global citizen, Union Petroleum and Natural Gas Minister Dharmendra Pradhan has said. He was speaking at the Center for Strategic and International Studies (CSIS) think-tank on Wednesday. Observing that India's energy demand is all set to increase in the coming years, he told a US think-tank that the future of the growth of energy demand will come from India.
The incremental requirement of India's energy will come from renewable energy, he said and referred to the recent announcement of Prime Minister Narendra Modi that by 2030, India's energy basket would have 40 per cent of its needs from the renewable sector.
"We are an emerging economy. Our priority, our strategy is different from the other part of the global developed economic group," Pradhan said in his address to the Center for Strategic and International Studies (CSIS) think-tank on Wednesday.
He asserted that India is committed to "decarbonise our economy as the responsible global citizen.
A decarbonised economy is based on low-carbon power sources that therefore has a minimal output of greenhouse gas (GHG) emissions into the atmosphere. In addition to traditional sectors, India is also looking at future sources of energy.
Identifying hydrogen as a priority area for India, he spoke about the hydrogen mission; US interest and investment in affordability of hydrogen for mass utilisation and India's early efforts at CNG (compressed natural gas) blending with Hydrogen in Delhi in the transportation sector.
India has a policy-driven model and would work with the United States in the area. Pradhan also highlighted India's market-driven reforms in energy pricing and distribution.
"We will embrace new energy technology… Gradually we will phase out our existing energy consumption pattern. We will transit towards a greener and cleaner path. But looking into our affordability challenges, looking into more price sensitivity in our domestic economy, we are using gas as a bridge fuel," he said.
Oil and coal, he said, will continue to be in India's energy basket for a period.
"But gradually we are making them more cleaner…and we will go up to hydrogen energy. This is our roadmap," Pradhan said on the eve of the virtual climate change summit being convened by US President Joe Biden.
"Western world..has lots of technology, lots of resources, and we have a market. If we can synergise in R&D and the new technology in digitalisation, you will get a market for your technology and financial investment would be safer in a policy-driven market in India," he said.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)