Prime Minister Narendra Modi inaugurated the India Energy Week 2024 in Goa today, highlighting the nation’s commitment to sustainable energy development. The event serves as a significant platform for discussions and collaborations aimed at accelerating India’s energy transition goals.
Addressing the gathering, Modi welcomed attendees to the second edition of India Energy Week. He expressed satisfaction that the event is being held in Goa, known for its vibrant energy and hospitable culture. Emphasizing Goa’s developmental strides, he noted its suitability for discussions on sustainability and environmental sensitivity.
Economic growth and energy sector expansion
The Indian Prime Minister highlighted India’s robust economic growth, with a GDP rate surpassing 7.5% in the first half of the financial year. He reiterated experts’ predictions of India becoming the world’s third-largest economy, underscoring the pivotal role of the energy sector in India’s growth trajectory.
India’s energy landscape
Modi outlined India’s significant position in the global energy landscape, being the world’s third-largest energy, oil, and LPG consumer, fourth-largest LNG importer and refiner, and fourth-largest automobile market. He also noted the rising demand for electric vehicles (EVs) in the country and the projections of doubling energy demand by 2045.
Infrastructure and energy capacity expansion
PM Modi highlighted the government’s substantial infrastructure investments, particularly in the energy sector, as evidenced by the recent budget allocation of 11 lakh crore rupees. This allocation aims to bolster energy capacity and support infrastructure development across various sectors.
Emphasis on circular economy
Drawing from India’s ancient traditions of circular economy practices, Modi stressed the importance of integrating reuse concepts into the energy sector. He cited the Global BioFuel Alliance as a testament to global cooperation in promoting biofuels, which aligns with India’s commitment to sustainable energy solutions.
Progress in biofuel adoption
Highlighting India’s progress in the biofuel sector, Modi cited significant increases in ethanol blending, leading to reduced carbon emissions. He reiterated the government’s target of achieving 20% ethanol blending in petrol by 2025 and the expansion of ethanol blending initiatives across retail outlets.
Waste to wealth management
Modi highlighted the government’s efforts towards sustainable development through initiatives such as the Waste to Wealth Management model. He announced plans for the installation of 5000 Compressed Biogas Plants in India, aimed at transforming rural economies and addressing environmental concerns.
Commitment to environmental conservation
Prime Minister Modi reaffirmed India’s commitment to environmental conservation, highlighting the nation’s relatively low carbon emission share despite its significant population. He reiterated India’s goal of achieving Net Zero Emissions by 2070, underscoring the importance of environmentally sensitive energy sources.
Renewable energy progress
Modi noted India’s significant progress in renewable energy, ranking fourth globally in renewable energy installed capacity. He highlighted the nation’s strides in solar energy, emphasizing the exponential growth in solar capacity over the past decade.
Future outlook and collaboration
Looking ahead, Modi expressed optimism about India’s green energy sector, particularly in green hydrogen production and export. He encouraged global collaboration and knowledge sharing in sustainable energy development, emphasizing the importance of collective efforts in building a prosperous and environmentally sustainable future.
Event highlights
The India Energy Week 2024 event, attended by various dignitaries including the Governor and Chief Minister of Goa, aims to foster collaboration and innovation in the energy sector. It features participation from energy ministers, experts, and exhibitors from around the world, with a focus on integrating startups into the energy value chain.