Title: Prime Minister Modi Pledges India’s Commitment to Sustainable Energy at India Energy Week
Prime Minister Narendra Modi addressed a global audience at the second edition of India Energy Week (IEW) in Goa, emphasizing India’s dedication to developing environmentally friendly energy sources to meet its growing energy demands. Held from February 6 to 9, IEW 2024 serves as India’s largest energy exhibition and conference, aimed at catalyzing the nation’s energy transition.
In his inaugural speech, PM Modi underscored India’s projected doubling of energy demand by 2045 and stressed the importance of affordable and sustainable energy solutions. Despite global challenges, India has managed to reduce petrol prices and achieve 100% electrification of millions of households, setting a commendable example for the world.
PM Modi highlighted the government’s ambitious infrastructure push, earmarking ₹11 lakh crore, with a significant portion allocated to the energy sector. This investment will fuel India’s expansion across railways, roadways, waterways, airways, and housing, driving the need for enhanced energy capacity.
Efforts to increase the share of domestic gas in the primary energy mix from 6% to 15% are underway, requiring an investment of approximately $67 billion over the next five to six years. PM Modi also lauded the Global BioFuel Alliance, aiming to promote biofuel usage globally, which is expected to generate economic opportunities worth $500 billion.
India’s progress in the biofuel sector is evident, with ethanol blending in petrol rising from 1.5% in 2014 to 12% in 2023, leading to a significant reduction in carbon emissions. The government has set an ambitious target of achieving 20% ethanol blending in petrol by 2025.
PM Modi highlighted the successful initiatives undertaken during India Energy Week, such as the increase in ethanol blending outlets from 80 to 9,000 and plans for the installation of 5,000 compressed biogas plants across India. He reiterated India’s commitment to reducing carbon emissions and emphasized the nation’s significant strides in renewable energy, ranking fourth globally in installed capacity.
With a focus on solar energy, PM Modi urged international investors to invest in India’s solar energy value chain, highlighting the potential for growth and success. He also emphasized the importance of the National Green Hydrogen Mission in positioning India as a leader in hydrogen production and export.
Concluding his address, PM Modi described India Energy Week as more than just an Indian event, but rather a reflection of India’s collaboration with the world and its commitment to global energy sustainability.