India is developing environmentally conscious energy sources to achieve Net Zero by 2070: PM Modi

Goa: Reiterating India’s goal to achieve Net Zero emissions by 2070, Prime Minister Narendra Modi said India is committed to further improving its energy mix by focusing on the development of environmentally sensitive energy sources.

Speaking at the second edition of India Energy Week, in Goa on Tuesday, Prime Minister said, “Bharat ranks fourth globally in Renewable Energy Installed Capacity, with 40 percent of our Installed Electricity Capacity sourced from Non-Fossil Fuel Sources”.

“Bharat’s solar energy installed capacity has increased more than 20 times over the last decade”he added.

Addressing global environmental concerns, Prime Minister Modi remarked that despite comprising 17 percent of the world’s population, Bharat’s carbon emission share is only 4 percent.

Talking about the recent rooftop solar scheme ‘Pradhan Mantri Suryoday Yojna, he said the drive to embrace solar energy is evolving into a nationwide movement in Bharat.

“This initiative will empower one crore families to become self-sufficient in energy”he added.

On the Green Hydrogen, PM Modi noted that India is also making rapid strides in the realm of green hydrogen.

“With the implementation of the National Green Hydrogen Mission, Bharat is poised to become a hub for hydrogen production and export”he further added.

Talking about the Global Biofuels Alliance, launched at the G-20 Summit, PM Modi said 22 countries and 12 international organizations have joined this Alliance, fostering the promotion of Biofuels globally and generating economic opportunities worth around $500 billion.

Highlighting India’s progress in the biofuel sector, Prime Minister said the adoption of biofuels has surged in India over the past few years.

“A decade ago, the blending of ethanol in petrol stood at around 1.5 percent. By 2023, it surpassed 12 percent, resulting in a reduction of carbon emissions by approximately 42 million metric tonnes”.

“Government has set a target of 20 percent ethanol blending in petrol by 2025”, he said.

Modi said India is expanding its energy capacity to meet the growing demands and will investment of around sixty-seven billion dollars is for the next 5-6 years.

Throwing light on the circular economy, PM said the government is also striving to revitalise the rural economy through Waste to Wealth Management.

“To achieve this goal, efforts are underway to establish 5000 Compressed Biogas Plants in Bharat” he informed.

Highlighting the efforts to ensure affordable fuel, the Prime Minister said that despite adverse global factors, India is among the few nations where petrol prices have come down and 100 per cent electricity coverage was achieved by electrifying crores of houses.

“India is not just meeting its needs but is also determining the global direction”, the Prime Minister added.

Prime Minister said the India Energy Week event reflects India’s commitment to global cooperation in the energy sector.

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.”

Prime Minister Modi expressed optimism about building a prosperous future that prioritizes environmental conservation. He stated, “Together, we can build a future that is prosperous and environmentally sustainable.”