Panaji: Prime Minister Narendra Modi, addressing the second edition of India Energy Week 2024, delineated his government’s vision to reduce reliance on fossil-based fuels while highlighting significant achievements in the energy sector under his administration.
PM Modi emphasised Bharat’s remarkable progress in renewable energy, noting that the country’s solar installed capacity has surged by over 20 times in the past decade. Additionally, he highlighted the substantial increase in ethanol blending, which has risen from 1.5 percent to above 12 percent.
Bharat has already initiated the rollout of 20 percent blended fuel, with widespread availability expected in the near future. By 2025, a full-scale implementation of 20 percent blended fuel is anticipated.
Addressing the rising energy demand, PM Modi projected that Bharat’s energy demand will double to approximately 38 million barrels by 2045. To diversify energy sources, he announced plans to increase the percentage of natural gas in the overall energy mix from 6 to 15 percent, with an estimated investment of about USD 67 billion over the next 5 to 6 years.
Under the waste-to-wealth management programme, PM Modi disclosed plans for the establishment of 5,000 compressed biogas plants. Bharat, being the world’s third-largest oil importer and consumer, has traditionally depended on crude oil imports to meet its domestic demand.
PM Modi also unveiled the government’s initiative to provide rooftop solar to one crore families, offering up to 300 units of free electricity per month. Furthermore, he highlighted the government’s hydrogen mission, aiming to establish Bharat as a hub for hydrogen production and exports.
In alignment with global environmental commitments, Bharat aims to reduce the emissions intensity of its Gross Domestic Product (GDP) by 45 percent and pledges to achieve net-zero emissions by 2070.
Comments