Green Energy

Securing Affordable, Clean Energy a Top Agenda for India: Pradhan

With the biggest attack ever on the Saudi oil industry creating volatility in the market, Petroleum Minister Dharmendra Pradhan has highlighted that securing affordable and clean energy tops agenda of “vulnerable” importing nations like India which were exposed to supply concerns.

India was able to secure most of its contracted supplies from its second-biggest oil supplier, Saudi Arabia, in the aftermath of the September 14 drone and missile assault on the Kingdom’s main oil facility that knocked out about 5.7 million barrels a day, about half of the country’s output.

“Today, we are meeting in the backdrop of a major oil and gas crisis resulting from attacks on Saudi oil processing plants at Abqaiq and Khurais,” Pradhan said at the World Economic Forum here.

“The price volatility and concerns about sustained oil supplies made consuming countries vulnerable given the fact that India, along with most South Asian countries, have a major dependency on crude oil and gas imports. So, securing affordable and sustainable energy figures as a top agenda for all these countries, including India,” he said.

While oil supplies from Saudi Arabia have not been impacted in the aftermath of the attack, liquefied petroleum gas (LPG) imports have been impacted. Saudi Arabia has deferred at least two shipments of LPG which India had to make up by importing from other countries such as the UAE and Qatar.

“It is only natural that the global energy deliberations pay close attention to the developments in the energy sector in India,” he said. “This has a lot to do with the emergence of India as the third-largest energy consumer in the world, and the fact that India is playing a leading role globally by implementing several transformative initiatives to reduce energy poverty in the country.”

India, he said, recorded the highest growth of foreign energy investments in the world, which touched USD 85 billion.

Pradhan said in pursuit of a USD 5-trillion economy by 2024 from USD 2.9 trillion size now, it was imperative to increase energy availability to 1.3 billion people, whose per capita energy consumption is lower than the global average.

“The energy demand, thus, is estimated to grow at 4.2 percent per annum up to 2035,” he said.

The government’s approach to energy policy, he said, covers four pillars of energy access, energy efficiency, energy sustainability and energy security. Stating that the challenge ahead is daunting, he said close attention is being paid to innovation and clean energy.

“Our success in the Ujjwala programme has attracted enormous global interest, including many developing countries keen to emulate this model of providing clean cooking fuel. Our immediate objective will be to enhance the use of LPG in the South Asia region. We will, for the first time, be sourcing LPG from Bangladesh for our northeastern states,” he said.

India, he said, is now leading the global movement in embracing renewable energy sources and would have 100 GW of solar generating capacity by 2022.

Ayush Verma

Ayush is a correspondent at iamrenew.com and writes on renewable energy and sustainability. As an engineering graduate trying to find his niche in the energy journalism segment, he also works as a staff writer for saurenergy.com.

Recent Posts

John Cockerill secures India’s largest electrolyzer supply order from AM Green

AM Green has placed India's largest electrolyzer order with John Cockerill Hydrogen for one of…

4 days ago

Cultivating A Thriving Biofuel Ecosystem: What It Takes To Fuel India’s Green Future

By-Nipun OS  India's energy goals for the next two decades are threefold: achieve energy security,…

6 days ago

India’s biogas sector to offer opportunities for the next 5-10 years: Jan and Anting, Weber Entec

How do you find the Indian CBG market on this visit? What’s the general sentiment?…

7 days ago

BAUR FOLIEN now market leader worldwide; ideally fit for India: MIROSLAV BENKA, MD

MIROSLAV BENKA, MD of BAUR FOLIEN talks to I am Renew and explains its business…

7 days ago

To step-up biogas solutions worldwide, Sistema.bio acquires Inclusive Energy

Biogas developer & innovator, Sistema.bio has acquired Bengaluru headquartered Inclusive Energy (IE) which is at…

1 week ago

ARYA raises 100 crore to develop biogas projects

ARYA, the project development division of GPS Renewables, has secured INR 100 crore in mezzanine…

1 week ago