Global BioFuel Alliance creating $500bn worth economic opportunities
The Prime Minister, Narendra Modi, sees about US$67 billion investment in the next 5-6 years in the hydrocarbon sector development following the government’s reforms and efforts to take the percentage of gas in the primary energy mix to 15% from 6% as of now.
Inaugurating India Energy Week 2024 in Goa on 6 Feb, he highlighted circular economy and concept of reuse as it has been a part of India’s ancient traditions. The same is applicable for the energy sector, he added.
He pointed out that the Global BioFuel Alliance of 22 nations and 12 international organizations is creating economic opportunities worth US$500 billion.
Highlighting India’s progress in the biofuel sector, Modi informed that India’s ethanol blending has witnessed a significant rise to 12% in 2023 leading to a reduction in carbon emissions by about 42 million metric tons. In 2014, the blending was 1.5%.
The Government has set a target of 20% ethanol blending in petrol by 2025.
Recalling the initiation of 20% ethanol blending in more than 80 retail outlets during India Energy Week last year, PM Modi informed that the number of outlets has now increased to 9,000.
Outlining the government’s commitment to transforming rural economies through the Waste to Wealth Management model, the Prime Minister highlighted the government’s efforts towards sustainable development. “We are working towards the installation of 5,000 Compressed Biogas Plants in India.”
Addressing global environmental concerns, Prime Minister Modi remarked, “Despite being home to 17% of the world’s population, India’s Carbon Emission Share is only 4%. We are committed to further improving our Energy Mix by focusing on the development of environmentally sensitive energy sources.”
The Prime Minister reiterated India’s goal to achieve Net Zero Emissions by 2070.
He underlined, “Today, India ranks fourth in the world in Renewable Energy Installed Capacity – 40% of the installed capacity comes from non-fossil fuels.
“In the past decade, India’s Solar Energy Installed Capacity has grown by more than 20 times. The campaign to connect with Solar Energy is gaining momentum in India.”
The Prime Minister underscored his recently announced plan to install Solar Rooftop Panels in one crore homes across India.
It will not only make one crore families self-reliant in the energy sector but also establish mechanisms to deliver excess electricity generated directly to the grid.
Prime Minister Modi emphasized the transformative impact of these initiatives. “There is a great potential for investment in the entire Solar Value Chain,” stressed.
Touching upon India’s stride in the green hydrogen sector, the Prime Minister highlighted the National Green Hydrogen Mission which will pave the way for India becoming a centre of hydrogen production and export.
He expressed confidence that India’s green energy sector can make both investors and industries a sure shot winner.
“The India Energy Week event is not just India’s event but a reflection of ‘India with the world and India for the world’ sentiment.”
He encouraged collaboration and knowledge sharing in sustainable energy development, stating, “Let us learn from each other, collaborate on cutting-edge technologies, and explore avenues for sustainable energy development.”
Modi expressed optimism about building a prosperous future that prioritizes environmental conservation. “Together, we can build a future that is prosperous and environmentally sustainable.”
The Prime Minister also held a roundtable with Global oil & gas CEOs and experts at the India Energy Week 2024, held from 6–9 February. Seventeen Energy ministers from different countries, 35,000+ attendees and more than 900 exhibitors were at the gala event.
Six dedicated country pavilions – Canada, Germany, Netherlands, Russia, the UK and the USA – were set up at the global exhibition. Fiinews.com
