Bengaluru: Prime Minister Narendra Modi on Monday said that the National Green hydrogen mission will give a new direction to the India of the 21st century.
Inaugurating the India Energy Week (IEW) 2023 in Bengaluru, Mr. Modi said that the country is aiming to produce 5 MMTPA green hydrogen by the end of this decade which brings in the possibility of investments of more than Rs 8 lakh crore.
“India will increase the share of green hydrogen to 25 percent by replacing grey hydrogen,” he said.
Quoting International Energy Association, the Prime Minister remarked that India’s energy demands will be highest in the present decade which presents an opportunity for the investors and stakeholders of the energy sector.
He informed that India’s share in the global oil demand is 5 percent which is expected to rise to 11 percent, whereas the gas demand of India is expected to rise up to 500 percent.
He underlined that new opportunities for investment and collaboration are being created by the expanding energy sector of India.
Mr Modi also explained four major verticals for the strategy for the energy sector, which include, domestic exploration and production, diversifying the supply, and expanding biofuel, ethanol, and solar, and fourth de-carbonization via electric vehicles and hydrogen.
Elaborating on these verticals the Prime Minister said India is the fourth largest country for its refining capacity adding that efforts are on to increase the capacity to 450 MMTPA from the current capacity of 250 MMTPA.
“We are continuously making our refining capacity indigenous, modern, and upgraded”, he said. Similarly, India is working to enhance Petrochemical production capacity” he said.
Regarding Bio-energy expansion, the Prime Minister talked about the first 2G Ethanol bio-refinery in August last year and said that preparation is for 12 commercial 2G Ethanol plants.
Mentioning the provisions of this year’s budget the Prime Minister informed about 500 new ‘waste to wealth’ Gobardhan plants, 200 compressed biogas plants, and 300 community-based plants which will create new avenues of investments.
The Prime Minister also touched upon the crucial subject of battery cost in EVs and noted that its cost is 40-50 percent of the cost of the car.
He informed that the government has started a PLI scheme worth 18,000 crores which will be a significant step towards manufacturing advanced chemistry cells of 50 GigaWatt hours.
Giving detail about renewable energy, he said that 35,000 crores have been kept for priority capital investment to push energy transition and net-zero objectives, adding that provision for 10 lakh crore rupees capital expenditure will give a push to green hydrogen, solar to road infrastructure.
The Prime Minister underlined the major role of the energy sector in setting the direction of the future of the 21st-century world.
“India is one of the strongest voices in the world for energy transition and for developing new resources of energy,” he said.
He further elaborated on the Green Energy initiative and informed that in the last 9 years, renewable energy capacity increased from 70 gigawatts to about 170 gigawatts that solar power increased by 20 times… India, he said, is at number four in wind power capacity. “We are aiming to have 50% non-fossil fuel capacity by the end of this decade,” he said.
Emphasizing the need and demand for energy in India in the near future, the Prime Minister noted that the rapid pace of development in India will result in new cities being developed.
“We are also working very fast on Biofuel, and ethanol blending. In the last 9 years, we have increased ethanol blending in petrol from 1.5 percent to 10 percent. Now we are moving towards the target of 20 percent ethanol blending”, the Prime Minister added.
Referring to the E-20 rollout today, the Prime Minister said that the first phase of the rollout will cover 15 cities and within two years it will be expanded to the entire country.
The Prime Minister informed that the government is working on a mission mode to increase the consumption of natural gas in our energy mix from 6 to 15 percent by 2030 where all the needed infrastructure will be provided by ‘One Nation One Grid’. “The government is trying to increase the capacity of LNG Terminal regasification”, the Prime Minister said.
The Prime Minister linked India’s effort for Green Growth and Energy Transition with Indian values. He said initiatives of recycling plastic bottles into uniforms will strengthen Mission LiFE.
At the event, Prime Minister also launched E20 fuel at 84 retail outlets of Oil Marketing Companies in 11 States/UTs along the lines of the ethanol blending roadmap.
He also flagged off the Green Mobility Rally where vehicles running on green energy sources will participate and help create public awareness for green fuels.
Mr. Modi also launched the uniforms under the ‘Unbottled’ initiative of Indian Oil. These uniforms are made of recycled PET bottles.
The Prime Minister also dedicated the twin-cooktop model of the IndianOil’s Indoor Solar Cooking System and flagged off its commercial roll-out.
Throwing light on the solar cooktop launched today, the Prime Minister said that it is going to give a new dimension to Green and Clean Cooking in India.
“More than 3 crore households will have access to solar cooktops within the next 2-3 years”, he said.
The Prime Minister called upon the stakeholders to explore every possibility related to India’s energy sector and get involved with it. “Today India is the most suitable place in the world for your investment”
For the full speech watch here:-
Speaking at the India Energy Week 2023 in Bengaluru, the petroleum minister Hardeep Singh Puri said that India has already pledged to become net-zero in emissions by 2070 and cut down the emission by 1 billion tonnes by the end of 2030.
He said that the government is taking transformative measures to increase domestic exploration and production of traditional hydrocarbons.
Talking about India’s Energy week he said the event was borne out of PM Narendra Modi’s long-standing vision for India’s role in the global energy transition to ensure energy security for every citizen.
The Minister said that despite being the fifth largest economy and home to 17 percent of the world’s population India’s per capita emissions ranked lowest amongst the G20 countries and about half of the global average, adding achieving the Net Zero goal, requires global coordination and access to skills, technology, and global financing.
“India has already pledged to become net-zero in emissions by 2070 and cut down the emission by one billion tonnes by the end of 2030,” he said.
Sanjeev 1807/ hrs