PM: ‘Responsible’ fuel pricing needed

India Energy Forum – CERAWeek

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India Energy Forum - CERAWeek

In News:

  • The Prime Minister (PM) delivered inaugural address at 4th India Energy Forum CERAWeek through video conference.
  • The Prime Minister said India Energy Forum – CERAWeek is serving as an important platform between industry, government and society.
  • The theme of this edition is “India’s Energy Future in a world of Change”.

About: India Energy Forum

  • Established in 2001, the Forum has acquired a unique status as a spokesman of energy sector as a whole.
  • Most major public and private sector organizations in Power, Oil and Gas, Coal and Renewable Energy have become its members.
  • These include NTPC, NHPC, Power Grid Corporation, Tata Power, Reliance Energy, ONGC, Indian Oil, Coal India etc. and many well-known energy experts.
  • The Forum serves as a catalyst for the development of a sustainable and competitive energy sector in India.
  • The Forum tries to bring, Government institutions, policy makers, and multinational agencies in an attempt to identify and resolve problems, which impede the development of energy projects in India.

Prime Minister’s comments:

  • The Prime Minister (PM) said India’s energy future is bright and secure.
  • He envisioned India’s energy sector to be growth centric, industry friendly and environment conscious.
  • He said that is why India is among the most active nations in furthering renewable sources of energy.
  • He said the Government is driving strategic and comprehensive energy engagements with the key global energy players.
  • He added as part of India’s Neighborhood First Policy, development of energy corridors with our neighboring countries is prioritized for mutual benefit.
India is emerging as a leading energy consumer:
  • The PM said that the energy sector is facing various challenges like fall in energy demand by almost one third, prevailing price instability and projected contraction in global energy demand over the next few years.
  • However, India was projected to emerge as a leading energy consumer and is projected to nearly double its energy consumption over the long term.
Need responsible crude pricing:
  • The Prime Minister urged the players in the sector to make the crude pricing more responsible.
  • He urged the community to work towards creating transparent and flexible markets for both oil and gas.
Affordable and reliable energy:
  • The PM said, India believes that access to energy must be affordable and reliable. That is when socio-economic transformations can take place.
  • He said the energy sector empowers people and furthers “Ease of Living”.
  • He said Government’s initiatives in the energy sector particularly helped the rural people, middle class and the women.
  • He said increasing domestic gas production has been a key government priority and would be achieved through ‘One Nation One Gas Grid’ to shift the nation towards a gas-based economy.
Greener energy:
  • The PM said 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 Prime Minister said India’s intervention in LED bulbs have enabled an estimated energy savings of 60 billion units per year, and an estimated green-house gas emission reduction of over 4.5 crore tonnes of Carbon dioxide annually.
  • The Prime Minister remarked that India is well on track to meet the global green energy commitment.
    • He said the target to increase the installed renewable energy capacity to 175 GW by 2022 has been further extended to 450 GW by 2030.
    • He said in spite of India having one of the lowest carbon emissions than the rest of the industrialized world, India would continue its efforts to fight climate change.
Seven key drivers of India’s energy map:
  • 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.

Also Read: Air pollution now biggest health risk in India, says report

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