6-9th February 2024, Goa
Ms. Shweta Tyagi*
India is not only embracing but also leading changes with its vast resources, booming economy, and progressive young population. Prioritizing energy security while aiming for a low-carbon future, India offers numerous investment opportunities in hydrocarbons, renewables, LNG, biofuels, and the broader energy sector. With the third largest energy demand globally and growth rates surpassing the global average, India has a crucial role amidst complex global challenges. The Ministry of Petroleum and Natural Gas hosted the India Energy Week in Goa from February 6th to 9th, 2024. This event serves as a significant platform for realizing both India’s and the world’s ambitious low-carbon goals. The exhibition featured 350 exhibitors presenting their technologies and services to 35,000 international energy professionals, while the conference included 400 speakers, including ministers, CEOs, thought leaders, and innovators, discussing challenges and exploring solutions to foster collaboration towards a sustainable future, with an audience of over 4,000 delegates
WHY INDIA?
India, ranking as the world’s third-largest energy consumer, holds a pivotal position in global energy discourse. With a burgeoning economy and population, the nation is poised to experience the most substantial surge in energy requirements, significantly impacting global energy demand.
In order to fulfill India’s objectives of ensuring secure, accessible, affordable, and sustainable energy, significant investments will be channeled across the entirety of the energy supply chain. These investments present unprecedented opportunities for the global energy community to contribute to the transformation of one of the world’s most critical energy markets. India Energy Week 2024 serves as a dynamic platform for facilitating discussions on global energy demand. By bringing together experts, policymakers, and industry leaders, this event fosters collaborative dialogues aimed at highlighting India’s role in the global energy landscape. Through India Energy Week, participants gain insights into energy security, sustainability, innovation, and the challenges posed by escalating energy demand, enriching global perspectives on these crucial issues.
INDIA WATER FOUNDATION AT IEW
Dr. Arvind Kumar, President, India Water Foundation went to Goa to speak in the India Energy Week 2024. He made a presentation in session 15: (Sustainable use of Natural Resources) on 7th February 2024 from 11.30 am onwards in Technical Theater 3 – Energy Transition Theater, at ONGC campus Goa. His presentation was based on Deciphering Inter linkage of biodiversity loss and climate change: Achieving net zero via Decarbonisation in India.
Major Takeaways from IEW 2024:
The India Energy Week 2024 drew to a successful close in Goa on February 9th, marking an occasion of immense achievement. A press release from the Ministry of Petroleum and Natural Gas announced that the forthcoming edition of this prestigious global energy conference will take place at Yashobhoomi in New Delhi from February 11th to 14th. Additionally, Union Minister Hardeep Singh Puri disclosed that the fourth edition in 2026 will return to Goa, specifically at the IPSHEM-ONGC Training Institute.
The four-day event, inaugurated by Prime Minister Narendra Modi, showcased a plethora of global oil, gas, biofuels, and renewable energy companies, each presenting their products and services. The platform facilitated collaboration, innovation, and growth across the energy spectrum through meaningful partnerships, as highlighted in the release.
Prime Minister Modi, in his opening address on the first day of the India Energy Week, reiterated India’s dedication to unprecedented levels of investment in the energy sector, promising new avenues for investment and development. He emphasized the significant government spending in the sector and its potential to stimulate further investment within India. Furthermore, PM Modi inaugurated the integrated Sea Survival Training Centre, ONGC Institute in Goa, and witnessed demonstrations of its capabilities. Throughout the day, various conferences and panels, including a ministerial panel on “Ensuring energy security for nations and industry in a VUCA world,” were held, featuring esteemed participants from around the world.
On the second day, the International Energy Agency (IEA) released a report forecasting India’s rise as the largest source of global oil demand growth between 2024 and 2030. Additionally, discussions centered around topics such as developing LNG markets and infrastructure, highlighting the critical role of affordable pricing and synchronized infrastructure in meeting energy targets. During a ministerial panel discussion titled ‘South-South Cooperation: Energy for Inclusive Growth,’ India’s G20 Sherpa Amitabh Kant projected India’s future as an exporter of clean energy by 2047, particularly through the export of green hydrogen.
The third day witnessed Union Minister Hardeep Singh Puri commending the technological innovations showcased at the event and announcing India’s achievement of 12% ethanol blending with petrol, ahead of schedule. This milestone prompted the government to revise the target for ethanol blending to 20% by 2025. Moreover, discussions during spotlight sessions emphasized India’s role as an emerging energy demand center and the potential it holds for global energy trade. Bharat Petroleum Corporation Limited (BPCL) unveiled its initiative ‘Pure for Sure,’ aimed at enhancing last-mile delivery efficiency and elevating customer satisfaction levels. Overall, the India Energy Week 2024 served as a pivotal platform for dialogue, collaboration, and strategic planning to address the evolving energy landscape, reaffirming India’s commitment to sustainable energy development and global energy cooperation.
Could hydrogen revolutionize the path to a greener, budget-friendly future?
Prime Minister Narendra Modi’s call for increased investment in India’s energy sector resonates with the nation’s imperative to meet its escalating energy demands while ensuring both security and affordability. Under the “Panchamrit” strategy, diversification takes center stage, with ambitious targets set for renewables, biofuels, and emerging clean energy sources such as hydrogen. This comprehensive approach aims to diminish reliance on fossil fuels and mitigate the impacts of climate change.
The announcement of a 20% ethanol blending target in petrol by 2025 marks a significant policy shift. This move not only reduces greenhouse gas emissions compared to traditional petrol but also strengthens energy security by decreasing import dependence. Moreover, it is anticipated to generate new opportunities for farmers and foster rural development. The spotlight on startups during the event underscores India’s acknowledgment of the pivotal role that youthful innovation plays in propelling progress. By integrating startups into the energy value chain, there’s potential for the creation of cutting-edge clean energy solutions, thus accelerating India’s transition towards a sustainable future. The event’s emphasis on green hydrogen, produced from renewable energy sources, underscores its transformative potential. With its clean and versatile nature, hydrogen can be utilized across various sectors, including transportation, power generation, and industrial applications. Its combustion emits no greenhouse gases, rendering it a crucial tool in combatting climate change. India’s Green Hydrogen Mission signifies the government’s commitment to establishing itself as a global leader in green hydrogen production and export. Through numerous collaborations and Memoranda of Understanding (MoUs) announced at the event, India is actively laying the groundwork for a thriving green hydrogen ecosystem. This initiative has the potential to attract substantial investments, foster job creation, and position India as a key player in the global energy landscape. Minister Puri’s reaffirmation of India’s focus on a gas-based economy, alongside cleaner sources like hydrogen, demonstrates a strategic approach. Gas presents a comparatively cleaner alternative to coal while offering stability and flexibility to the power grid. This balanced strategy ensures energy security while facilitating a gradual transition towards renewables in the long run.
As the India Energy Week 2024 unfolds, it unveils a dynamic and ever-changing energy landscape for the nation. With a dedicated focus on renewables, alongside cleaner alternatives like hydrogen, and a strategic push for diversification, India stands on the brink of a transformative era in its energy sector. Despite existing challenges, the developments witnessed at the event paint a promising picture of the future, where innovation and the adoption of clean energy solutions hold the key to ensuring energy security, environmental sustainability, and robust economic growth for India. Hydrogen, with its remarkable versatility and potential for clean combustion, emerges as a pivotal player in this journey towards a sustainable energy future. Its wide-ranging applications across various sectors signify its potential to revolutionize India’s energy landscape. However, the realization of this potential hinges upon India’s ability to effectively harness and leverage hydrogen technology on a large scale. While the road ahead may pose hurdles, the momentum gained at the India Energy Week 2024 reflects a collective determination to overcome challenges and steer India towards a brighter energy future. With concerted efforts, strategic planning, and a commitment to innovation, India has the opportunity to not only meet its energy needs but also emerge as a global leader in the adoption and advancement of revolutionary energy technologies like hydrogen. Only time will reveal the extent to which India can capitalize on its potential and establish itself as a beacon of progress and sustainability in the realm of energy.
The India Energy Week (IEW) 2024 concluded with notable success, wraps up with 30% more exhibitors.
The event showcased a diverse array of innovations spanning over 18,000 square meters. Minister Puri praised the efforts of exhibitors, including individual entrepreneurs, for their contributions to technological innovation. He emphasized the significance of IEW as a prominent platform, facilitating interactions across a wide spectrum of industry professionals that might otherwise take much longer to connect with across different global geographies. Reflecting on the event’s achievements, Minister Puri underscored the diversity and quality of technological innovations exhibited, highlighting IEW’s growing prominence in the industry. Additionally, IEW 2024 featured the Energy Startup Challenge, recognizing Iron Technologies with the top prize, followed by Vasitara Private Limited and Aloe Ecell. Honorable mentions were awarded to Biofuels Junction and VDT Pipeline Integrity Solutions, showcasing the innovative spirit thriving within the Indian energy sector.
