Prime Minister Narendra Modi said on Tuesday that India will invest $67 billion in natural gas supply chains over 5-6 years, part of an “unprecedented” investment inflow into the energy sector to meet the world’s fastest-growing demand from major economies. Speaking at the second India Energy Week, he said the government’s reforms are leading to increased domestic gas production as part of a broader goal to increase the fuel’s share in the energy basket to 15 per cent by 2020. By 2030, from the current 6.3% growth.

Natural gas is seen as a transitional fuel as India moves towards net-zero carbon emissions by 2070. Natural gas is used to generate electricity, make fertilizers or be converted into CNG for driving cars and cooking and is considered less polluting than other fossil fuels, such as coal. Modi said India’s world-leading economic growth rate is driving a surge in energy demand.

“India is the world’s third-largest consumer of energy, oil and LPG. It is the fourth-largest importer and refiner of LNG and the fourth-largest automotive market.” He added that by 2045, the country’s energy Demand is expected to double. And pointed out that the 2024 Indian Energy Week will be held at a time when India’s GDP is growing. Modi said that the growth rate in the first six months of this fiscal year exceeded 7.5%, and the growth rate was higher than global growth expectations, making India the world’s fastest growing economy. fast economy.

He also pointed to the International Monetary Fund’s forecasts of similar growth trends in the future. “Economic experts around the world believe that India will soon become the world’s third largest economy,” Modi said.

He called on global investors to seize the opportunity and invest in the world’s fastest-growing energy market. “Together we can build a prosperous and environmentally sustainable future,” he said.

The prime minister also held a roundtable with global oil and gas CEOs and experts, but details were not immediately available. Elaborating on the government’s plans to meet the growing demand, he said the move was to ensure sustainable access to affordable fuel for all.

The Prime Minister said despite unfavorable global factors, India is one of the few countries where petrol prices have come down and has achieved 100 per cent electricity coverage in the past two years by powering thousands of houses. “India is not only meeting its needs but also shaping the global direction,” he said.

Energy needs will be met through a combination of traditional and renewable energy sources such as biofuels and next-generation fuels such as hydrogen. He said India was witnessing “unprecedented investment in the energy sector”.

He said the record investments of Rs 1,111 crore outlined in last week’s mid-term budget for 2024-25 will mostly be in the energy sector. “This funding will create assets in rail, road, water, aviation or housing sectors that will require energy, thereby spurring India’s efforts to expand its energy capabilities,” he said.

Modi said that domestic natural gas production has increased due to reforms in the past few years, and the country is working to increase the proportion of natural gas in the primary energy mix from 6.3% to 15%.

“About 67 billion US dollars will be invested in the next 5-6 years.” The Indian Prime Minister emphasized that the concept of circular economy and reuse is part of India’s ancient tradition. He said that the ethanol blending ratio in gasoline has increased from 1.5% in 2014 to 12%. %, and consists of about 22 countries and 12 countries forming the Global Biofuels Alliance. International organizations encourage the use of biofuels worldwide, creating economic opportunities worth $500 billion.

Ethanol blending has resulted in a reduction of about 42 million tonnes of carbon emissions, he said, adding that as many as 9,000 petrol pumps in the country were currently selling E20 or petrol blended with 20% ethanol extracted from sugar cane or grains.

In addition, the government is working to establish 5,000 plants to produce compressed biogas from agricultural and municipal waste. Talking about global environmental issues, he said, “While India accounts for 17 per cent of the world’s population, its share of carbon emissions is only 4 per cent.” “We are committed to further improving our environment by focusing on developing environmentally sensitive energy sources. energy mix,” he said.

The Prime Minister said that India’s renewable energy installed capacity ranks fourth in the world and currently accounts for 40% of the country’s installed capacity. “In the past decade, India’s installed solar capacity has grown more than 20 times.”

Prime Minister Modi pointed out that launching a major mission to install solar rooftop panels on 10 million households across India will not only make 10 million households self-reliant in the energy sector, but will also create a mechanism to directly channel excess electricity. Shipping to all over India. grid.

Talking about India’s progress in the green hydrogen sector, he said the National Green Hydrogen Mission will pave the way for India to become a hub for hydrogen production and exports. He expressed his belief that India’s green energy industry can make investors and industries inevitable winners.

India Energy Week 2024, taking place in Goa from February 6 to 9, is India’s largest and most comprehensive energy exhibition and conference, bringing together the entire energy value chain.

(This story has not been edited by News18 staff and is published from associated news agency – PTI)