Prime Minister Narendra Modi said on Monday that India will drive the global energy demand in the world, as he showcased his government's reforms in oil and gas exploration licensing policy and natural gas marketing to the global investors. Speaking at the India Energy Forum by CERAWeek, Modi said the coronavirus pandemic had resulted in global energy demand falling by one-third, investment decisions being impacted and predictions of a contraction in demand over the next few years.
The theme of the conference this year is 'India's Energy Future in a world of change'. Modi added that, "I can assure you India is full of energy. India's energy future is bright and secure. India's energy will energise the world."
Modi also asserted that India is likely to see energy consumption double over the long term and the country was on track to meet its COP21 commitment of raising electricity generation from renewable energy sources to 175 gigawatts by 2022. He stressed that India has one of the lowest carbon emissions and added that,"We have further extended the target to 450 GW by 2030."
Modi emphasised, "India's reform journey has been on the high speed in the last five years." While the focus is to make India a gas-based economy, the nation would also be raising oil refining capacity from 250 million tonnes per annum currently to 450 million tonnes by 2025 to keep self-reliance in sync with demand, he said.
India's energy future is bright and secure, Modi said, adding access to energy should be affordable and reliable. Modi added that, "Our energy sector will be growth-centric, investor-friendly and environment conscious."