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- Indian government plans to invest around $67bn in energy sector over next 5 to 6 years
- OPEC Secretary-General Haitham Al-Ghais among global oil executives attending India Energy Week
GOA: Indian Prime Minister Narendra Modi called for an international collaboration on energy as he welcomed on Tuesday foreign officials and global oil and gas CEOs at the opening of India Energy Week in Goa.
India is hosting a series of programs aimed at discussing energy transition in the western state of Goa, as part of its second energy week from Feb. 6 to 9, after the first edition of the flagship event was held last year in the city of Bengaluru.
This year’s gathering was expected to attract more than a dozen ministers and at least 4,000 delegates from around 100 countries, as well as global oil executives, including OPEC Secretary-General Haitham Al-Ghais.
“This platform is for discussion and sharing common experiences. Let us learn from each other, let us collaborate on cutting-edge technologies, and let us explore avenues for sustainable energy development,” Modi said.
India Energy Week reflected the spirit of “India with the world and India for the world,” the PM added.
“The kind of investment India is making in the energy sector now has never happened before, that’s why all the leaders of the world associated with the oil, gas, and energy sector want to invest in India. So many leaders are sitting in front of me, and I welcome them with lots of warmth.”
India, the world’s third-largest energy, oil, and liquid petroleum gas consumer, is preparing to meet its rising energy demand, which was expected to double to 38 million oil barrels by 2045 from its current 19 million barrels.
The South Asian nation has made progress in solar energy and aims to become a center of hydrogen production and export, as it plans to install 50 gigawatts of clean energy by the end of the decade.
The world’s most populous country is still predominantly powered by fossil fuels, with coal and oil generating around 70 percent of India’s electricity, and renewable energy contributing around 10 percent.
To upscale India’s energy sector, the government was set to invest around $67 billion in the next five to six years, Modi said.
“To improve our energy mix, we are emphasizing on developing environmentally sensitive energy sources. By 2070, we want to achieve net-zero emission.”