Need is guiding principle for Green Projects
Prime Minister Narendra Modi said India would more than double its non-fossil fuel target to 450 GW from 175 GW of non-fossil fuel by 2022 and invest US$50 billion on development of water resources as part of its commitment to the Paris Climate agreement.
Speaking at the United Nations on 23 Sept 2019, the Prime Minister said India will spend US$50 billion on projects in the next few years as it progresses with ‘Jal Jeevan Mission’ for water conservation, rainwater harvesting and for the development of water resources.
“We will increase our renewable energy capacity to much beyond 175 GW and take it further to 450 GW,” said Modi in his address to the UNSG’s Summit on Climate Change on 23 Sept 2019.
“Need, not Greed, has been our guiding principle,” he underlined.
He highlighted India’s plan to make transport sector green through e-mobility as well as considerably increase the proportion of the biofuel blend in petrol and diesel. Focus is also on use of compressed bio-gas.
“We must accept that if we have to overcome a serious challenge like climate change, then what we are doing at the moment is just not enough,” Modi said.
He stressed that the world needs a comprehensive approach which covers everything from education to values, and from lifestyle to developmental philosophy.
Earlier, during his visit to Houston on 22 Sept 2019, the Prime Minister interacted with the CEOs from the US oil and gas sectors and discussed how to harness opportunities in the area to address India’s growing energy needs.
“It is impossible to come to Houston and not talk energy! Had a wonderful interaction with leading energy sector CEOs. We discussed methods to harness opportunities in the energy sector,” Modi, who was on a week-long visit to the US, said in a tweet after the meeting.
The meeting had CEOs of 17 global energy companies with a combined net worth of US$1 trillion and a presence in 150 countries, including India.
Modi also witnessed the signing of MoU between US’ Tellurian Inc and India Petronet LNG Limited (PLL). PLL is negotiating to invest US$2.5 billion in Tellurian’s proposed Driftwood LNG export terminal and secure supply of 5 million metric tons of LNG per year over 40 years. The fast-pace deal is expected by 31 March 2020. fiinews.com