Energy needs up, Modi invites investors

Racing to meet the country’s net zero target by 2070, Prime Minister Narendra Modi on Monday talked of efforts to expand India’s refining capacity to 450 million metric tonnes per annum (MMTPA) from the present 250 MMTPA, with a mission to enhance the share of natural gas in India’s energy mix from 6% to 15% by 2030.

India’s gas pipeline network will also see an expansion from the present 22,000 km to 35,000 km in the next four-five years.

Inaugurating the three-day India Energy Week in Bengaluru on Monday, he underlined that India’s energy demands will be the highest in the present decade, quoting the International Energy Association.

The prime minister called on industry stakeholders to explore investment opportunities in the sector. “Today India is the most suitable place in the world for your investment,” he urged.

The event is touted to be the first significant one on the G20 calendar under India’s presidency.

Union Petroleum Minister Hardeep Singh Puri said, “The prime minister had originally set 2030 for India to achieve 20% biofuel blending. This has been brought forward by five years and we’ll complete it by 2025.”

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E20 fuel

Modi launched a pilot for the E20 fuel — a blend of 20% ethanol and 80% petrol — ahead of schedule. The first phase of the rollout will cover 15 cities within two years, before it is extended to the rest of the country, he said.

He also unveiled the twin-cooktop pressure cooker model developed by Indian Oil, flagged a green mobility rally and backed the ‘Unbottled’ initiative which will supply uniforms made from recycled PET bottles for Indian Oil’s frontline workers and non combatants in the armed forces.

The event, which saw displays from about 1,000 exhibitors from the energy industry, also featured a hydrogen-run truck by Mukesh Ambani’s Reliance Industries. Echoing the sentiments in the room, Chief Minister Basavaraj Bommai pointed out, “The ultimate slogan would be — maximum power, minimum emissions.”