There will be investment of 67 billion dollars in natural gas sector: Modi
Prime Minister Narendra Modi on Tuesday said India will invest Rs 67 billion in the natural gas supply chain over the next five to six years as part of the ‘unprecedented’ investment coming in the energy sector to meet the world’s fastest growing energy needs. Will invest US dollars. economy.
Speaking at the inauguration of the second edition of India Energy Week 2024 in Betul, South Goa, Modi said the percentage of natural gas in the overall energy mix is being increased from 6% to 15%.
“There will be an investment of US$67 billion in the natural gas supply chain in India over the next five to six years,” he said.
The power sector plays an important role in furthering the development of the country. The government is pushing to reduce carbon emissions by reducing dependence on fossil-based fuels, the Prime Minister said at the conference, which was also attended by Union Petroleum and Natural Gas Minister Hardeep Singh Puri, Chief Minister Pramod Sawant, Governor PS Sreedharan Pillai. and other dignitaries. He said that as part of the Central Government’s Waste to Wealth Management Programme, work on 5,000 compressed biogas plants is being done.
Modi said the Center has focused on development of infrastructure (roads, railways and power) with a budgetary allocation of Rs 11 lakh crore.
“If we want to achieve energy independence by 2047, the power sector has to play a major role as other sectors of the economy depend on the power sector to grow,” he said.
Modi said, the government is also doing sustainable development keeping climate change in mind.
India’s solar installed capacity has increased more than 20 times in the last decade, he said.
Modi said, as was announced recently, the central government has an ambitious target of installing one crore rooftop solar fittings.
“My government has announced several measures to promote green growth and renewable energy in the Interim Budget 2024-25,” he said, adding that rooftop solar power will provide electricity to one crore families up to 300 units per month. Will help in getting free electricity.
Modi said the government has set a target of 2070 to achieve net zero carbon emissions, although India’s carbon emissions share globally is just 4% despite being the third largest oil and LPG consumer.
We are the world’s fourth largest LNG importer, fourth largest refiner and fourth largest automobile market, the Prime Minister said.
“India is a country where petrol and diesel prices have come down in the last two years, despite many global factors,” he said.
Modi said the government is already working to reduce its dependence on fossil fuels: the ethanol mix has increased from just 1.5% to over 12%.
He said the country has already launched 20% blended fuel in a phased manner from April 2023. Wider availability is expected in the coming days.
Speaking on increasing electrification in the country, Modi claimed that India has achieved 100% electricity coverage as electricity supply has been provided to crores of households.
The Prime Minister said that this energy boost has put India on the energy highway of the world.
Talking about the country’s energy demand, Modi predicted that requirements would double to about 38 million barrels by 2045.
“Today new records are being created in the sales of two-wheelers and four-wheelers in India. The demand for EV is continuously increasing. It is also estimated that India’s primary energy demand will double by 2045,” he said.
Modi called on world leaders to come together and work towards reducing carbon emissions by sharing technology, and said platforms like India Energy Week work in that direction.
