India to be fossil-fuel dependent for next 20 years, says Puri
Petroleum and Natural Gas Minister Hardeep Singh Puri has underlined the importance of pricing green hydrogen for faster energy transition while conceding that India will continue to be fossil fuel dependent for some time.
“We need to bring the price of Green Hydrogen down for a faster transition. But at least for the next 20 years, India will be fossil-fuel dependent,” said Puri in a keynote address at the CII-EY Session on “Accelerating India’s Energy Transition: Towards Sustainable Economic Growth” at Davos 2024 on 16 Jan 2024.
The availability of energy in India is a challenge – the economy is growing and so is the import dependence, he said, highlighting that the Indian economy faces three developmental challenges with respect to energy transition – availability, affordability and sustainability. All three are critical for the energy transition.
“Transition by its very nature has to have both a clear roadmap and have in place all the safeguards that will ensure that there are no knee jerk reactions,” said Puri, adding that India will not have to wait for 2028 to become a US$5 trillion economy. “It will happen earlier.”
The Indian economy has built resilience in macro-economic policy and balance sheets,” added Rajiv Memani, Vice President, CII & Chair – India Region and Chairman – Emerging Markets Committee, EY.
Memani said the government has articulated self-sufficiency in energy and taken measures both on the supply and demand sides.
The private sector needs to invest US$300-US$350 billion in the renewable energy sector to support the Government target of green energy, he estimated. Fiinews.com
