Panaji (Goa): When Prime Minister Narendra Modi inaugurated the first edition of the India Energy Week (IEW) in 2023, he branded India as a favoured investment destination in the energy sector. A G20 Summit and a year later, the PM has ambitiously branded IEW 2024 as a world event, a platform created by India for global co-operation in the energy sector. “The India Energy Week event reflects India’s commitment to global cooperation in the energy sector. The India Energy Week event is not just India’s event but a reflection of ‘India with the world and India for the world’ sentiment,” said Modi on Tuesday in his inaugural address at IEW 2024.
The list of attendees includes energy ministers, envoys from 15 nations — Nigeria, Egypt, Qatar, Sri Lanka, Ghana, Guyana, Bangladesh, Mauritius, Seychelles, Fiji, Nepal, Ethiopia, Tanzania, Tajikistan and the Netherlands. In addition, two multilateral organisation heads — OPEC Secretary General Haitham al Ghais and Arzybek Kozhoshev, Member of the Board, Minister of Energy and Infrastructure, Eurasian Economic Commission — are also attending the event.
After inaugurating the event, the Prime Minister also held a roundtable with global oil and gas CEOs and experts.
Noting that India Energy Week 2024 is taking place at a significant time period when India’s GDP rate crossed 7.5 percent in the first six months of the financial year, the Prime Minister said that the growth rate is higher than the global growth estimate making India the fastest growing economy in the world. He also mentioned the International Monetary Fund’s prediction of similar growth trends in the future. “Economic experts around the world believe that India will soon become the 3rd-largest economy in the world,” Modi said and emphasised the expanding scope of the energy sector in India’s growth story.
The Prime Minister noted that India is the world’s third-largest energy, oil and LPG consumer. Furthermore, he said India is the fourth largest LNG importer and refiner along with the fourth largest automobile market and a rising demand for Electric Vehicles (EV) in the country. Quoting estimates, he said that India’s energy demand is expected to double by 2045.
Highlighting the efforts to ensure affordable fuel, the Prime Minister said that despite adverse global factors, India is among the few nations where petrol prices have come down and 100 percent electricity coverage was achieved by electrifying crores of houses. “India is not just meeting its needs but is also determining the global direction,” the Prime Minister added.
Explaining the unprecedented infrastructure push, the Prime Minister mentioned the capex allocation of Rs 11 lakh crore that the recent Budget pledged for infrastructure, a big part of which will go to the energy sector, he said.
“The country is making efforts to take the percentage of gas in the primary energy mix from 6 to 15 percent. This will see an investment of about 67 billion dollars in the next 5-6 years,” he informed.
Mentioning the Global Biofuel Alliance, initiated during the G20 Summit held in India, the Prime Minister highlighted the holistic support received by the Alliance and informed that 22 about nations and 12 international organisations have joined the alliance to encourage the use of biofuels in the world, while also creating economic opportunities worth $500 billion.
Highlighting India’s progress in the biofuel sector, Modi informed about India’s rising adoption rate. He said that ethanol blending witnessed a significant rise from 1.5 percent in 2014 to 12 percent in 2023 leading to a reduction in carbon emissions by about 42 million metric tons. “The government has set a target of 20 percent ethanol blending in petrol by 2025,” he said. Recalling the initiation of 20 percent ethanol blending in more than 80 retail outlets during India Energy Week last year, PM Modi informed that the number of outlets has now increased to 9,000.
Outlining the government’s commitment to transforming rural economies through the Waste-to-Wealth management model, the Prime Minister highlighted the government’s efforts towards sustainable development. Prime Minister Modi said, “We are working towards the installation of 5,000 Compressed Biogas Plants in India.” Addressing global environmental concerns, Prime Minister Modi remarked, “Despite being home to 17 percent of the world’s population, India’s Carbon Emission Share is only 4 percent.” He added, “We are committed to further improving our energy mix by focusing on the development of environmentally sensitive energy sources.” The Prime Minister reiterated India’s goal to achieve Net Zero emissions by 2070.
Talking about renewable energy, “Today, India ranks fourth in the world in Renewable Energy Installed Capacity,” said the PM. Around 40 percent of India’s installed capacity comprises non-fossil fuels. Highlighting the nation’s progress in solar energy, Prime Minister Modi stated, “In the past decade, India’s Solar Energy Installed Capacity has grown by more than 20 times.” He added, “The campaign to connect with solar energy is gaining momentum in India.”
Referring to Pradhanmantri Suryoday Yojana, Prime Minister Modi noted that the launch of a major mission aimed at installing Solar Rooftop Panels in one crore homes across India, will not only make one crore families self-reliant in the energy sector but also establish mechanisms to deliver excess electricity generated directly to the grid. Prime Minister Modi emphasised the transformative impact of these initiatives. “There is a great potential for investment in the entire Solar Value Chain,” he added.
Touching upon India’s stride in the green hydrogen sector, the Prime Minister highlighted the National Green Hydrogen Mission which will pave the way for India becoming a centre of hydrogen production and export.
“Let us learn from each other, collaborate on cutting-edge technologies, and explore avenues for sustainable energy development. Together, we can build a future that is prosperous and environmentally sustainable,” said Modi.
Governor of Goa, PS Sreedharan Pillai, Chief Minister of Goa, Pramod Sawant, and Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri and Union Minister of State for Petroleum, Oil and Natural Gas, Rameswar Teli were present on the occasion among others.