India's Prime Minister Narendra Modi unveiled ambitious plans for the country's energy sector, with investments totaling $67 billion over the next five years. Speaking at the launch of India Energy Week (IEW), PM Modi emphasized the country's projected doubling of oil demand by 2045 and outlined strategies to increase natural gas usage from 6% to 15% of the primary energy mix.
Highlighting the government's vision for transforming the energy landscape, PM Modi underscored achievements in reducing dependence on fossil fuels. He expressed pleasure at the event being held in Goa, known for its energy and hospitality, and emphasized the state's role in fostering discussions on environmental sensitivity and sustainable development.
PM Modi inaugurated the second edition of India Energy Week 2024, noting significant increases in solar capacity and ethanol blending over the past decade. He announced the phased rollout of 20% blended fuel by 2025, alongside unprecedented infrastructure development efforts.
Addressing energy affordability and accessibility, PM Modi highlighted the decrease in petrol and diesel prices and the achievement of 100% electricity coverage in India. He projected India's energy demand to double by 2045 and emphasized its pivotal role in the global economy.
As part of waste-to-wealth initiatives, PM Modi revealed plans for 5,000 compressed biogas plants. Despite being the third-largest oil consumer globally, India is committed to enhancing its energy mix for a sustainable future, aiming for net-zero emissions by 2070.
The government also announced measures for promoting green growth, including providing rooftop solar to one crore families and establishing India as a hub for hydrogen production and exports. PM Modi reiterated India's commitment to achieving its "Panchamrit" pledge made at COP26, aiming for 500 GW of non-fossil electricity capacity and significant emission reductions by 2030.
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