New Delhi: Prime Minister Narendra Modi today highlighted seven key pillars of India’s energy strategy going forward and stressing upon India’s rise as a major consumer of energy globally.
“India’s energy plan will have 7 key drivers including accelerating efforts to move towards a gas-based economy, cleaner use of fossil fuels, greater reliance on domestic fuels to drive biofuels, achieving the renewable energy target of 450 gigawatts (GW) by 230, increasing the contribution of electricity to decarbonise mobility, moving into emerging fuels like Hydrogen and digital innovation across all energy systems,” Modi said in his address at the fourth annual Indian Energy Forum.
He also mentioned that India has saved around Rs 24,000 crore annually through the installation of 11 million smart LED street lights which have reduced the greenhouse gas emissions by an estimated 4.5 crore or 45 MT of CO2 annually.
“Due to such interventions, reports have said that India is the most attractive emerging market for clean energy investment,” PM Modi said.
He said that India is well on track to meet the commitments made to the global community on climate and that the nation has the lowest carbon emissions than the rest of the industrialised world but will continue to make efforts to fight climate change.
The PM also said the current year has been challenging for the energy sector as demand fell by one-third, price instability and investment decisions impacted. he said while global agencies project that there will be a contraction in global energy demand over the next few years, they project India as a leading energy consumer.