On 26th October 2020, PM Modi delivered inaugural address at 4th India Energy Forum by CERAWeek. The theme of this edition is “India’s Energy Future in a world of Change“.
The Prime Minister said like the seven horses driving the chariot of Sun god, India’s energy map will have seven key drivers.
- Accelerating our efforts to move towards a gas-based economy.
- Cleaner use of fossil fuels particularly petroleum and coal
- Greater reliance on domestic sources to drive bio-fuels.
- Achieving the renewables target of 450 GW by 2030.
- Increasing the contribution of electricity to de-carbonize mobility.
- Moving into the emerging fuels including hydrogen
- Digital innovation across all the energy systems.
PM Modi added, India will always work keeping in mind global good. We are well on track to meet the commitment we made to the global community. We had aimed to increase the renewable energy installed capacity by 175 GW by 2022. We have further extended this goal to 450 GW by 2030. India has one of the lowest carbon emissions than the rest of the industrialized world. Yet, we will continue to make efforts to fight climate change.
India’s reform journey has been on high speed for the last six years. The energy sector has seen many path-breaking reforms. Reforms in Exploration and Licensing Policy were put in place in February 2019. The focus has shifted from ‘revenue’ to ‘production’ maximisation. There is also focus on greater transparency and stream-lined procedures We plan to grow our refining capacities from about 250 to 400 Million Metric tonnes Per Annum by 2025. Increasing domestic gas production has been a key government priority. We plan to achieve ‘One Nation One Gas Grid‘ and shift towards gas-based economy.