Dr. Arvind Kumar*
In the next 5-6 years, the investment of USD 67 billion is going to be done in the energy sector in India” this statement of Prime Minister Narendra Modi at the India Energy Week 2024 at Goa establishes the fact that expanding infrastructure and upgrading technology to provide clean energy in all developing countries is a crucial goal that can both encourage growth and help the environment. Energy services are key to preventing disease and fighting pandemics – from powering healthcare facilities and supplying clean water for essential hygiene, to enabling water for essential hygiene, to enabling communications and IT services that connect people while maintaining social distancing. Without electricity, women and girls have to spend hours fetching water, clinics cannot store vaccines for children, many schoolchildren cannot do homework at night, and people cannot run competitive businesses. Slow progress towards clean cooking solutions is of grave global concern, affecting both human health and the environment, and if we don’t meet our goal by 2030, nearly a third of the world’s population – mostly women and children – will continue to be exposed to harmful household air pollution. The world continues to advance towards sustainable energy targets – but not fast enough. At the current pace, about 660 million people will still lack access to electricity and close to 2 billion people will still rely on polluting fuels and technologies for cooking by 2030. Our everyday life depends on reliable and affordable energy. And yet the consumption of energy is the dominant contributor to climate change, accounting for around 60 percent of total global greenhouse gas emissions.
Energy security—the continuous availability of energy in varied forms, in sufficient quantities, and at reasonable prices—has many aspects. It means limited vulnerability to transient or longer disruptions of imported supplies. It also means the availability of local and imported resources to meet, over time and at reasonable prices, the growing demand for energy. Environmental challenges, liberalisation and deregulation, and the growing dominance of market forces all have profound implications for energy security. These forces have introduced new elements into energy security, affecting the traditionally vital role of government. Considering the same PM Modi emphasized on India’s robust economic growth, surpassing 7.5 per cent, and projected India to become the world’s third-largest economy shortly. He further emphasized that India’s significant progress in renewable energy and ethanol blending. He highlighted that India’s solar installed capacity has increased by more than 20 times over the past decade. Additionally, he mentioned the remarkable rise in ethanol blending, which has surged from a mere 1.5 per cent to over 12 per cent.
India Energy Week 2024- Mix bag of solutions
Nestled in the vibrant heart of Goa, amidst India’s steadfast commitment to a sustainable future, India Energy Week 2024 inaugurated by Prime Minister Modi, stands as a crucible of ideas, innovations, and collaborations resonating across the global energy landscape. The event, serving as India’s premier energy exhibition and conference, convened global leaders, CEOs, and experts from the energy sector to delve into India’s ambitious energy transition objectives. Positioned as a pivotal platform for global energy dialogue, this four-day gathering, set against the picturesque backdrop of Goa, brings together visionaries, policymakers, and industry leaders. Under the esteemed patronage of the Ministry of Petroleum & Natural Gas, Government of India, and with the esteemed support of the Federation of Indian Petroleum Industry (FIPI), it stands as an unparalleled forum driving discussions on energy security, sustainability, and innovation. Against the backdrop of India’s influential role in global energy dynamics, IEW 2024 emerges as a dynamic platform fostering international collaboration. With over 35,000 attendees, 350 exhibitors, 400 speakers, and 4,000+ delegates from 100 countries, the event transcends geographical boundaries to facilitate meaningful dialogues and partnerships. As the world converges in Goa, India Energy Week amplifies India’s voice on the global stage, providing a pivotal space for discussions that will sculpt the future of the energy sector.
IEW 2024 hosted two pivotal conferences. The Strategic Conference, graced by global energy ministers, CEOs, policymakers, and business leaders, delves into trends shaping the future of energy. From ministerial insights to leadership sessions, this forum promises critical discussions on the challenges and opportunities defining the energy sector. Simultaneously, the Technical Conference offers technical expertise for engineers, project managers, and innovators driving India’s energy transition. With a focus on cutting-edge research and industry best practices, this conference serves as a cornerstone for navigating the complexities of India’s evolving energy landscape.
As Prime Minister Modi articulated, it embodies the spirit of ‘India with the world and India for the world’, urging for mutual learning, technological collaboration, and sustainable energy exploration. The steadfast commitment of India amidst global challenges has played a pivotal role in stabilizing the global energy market, as noted by Petroleum Minister Hardeep Singh Puri. He emphasized the imperative of a stable transition towards renewable energy, underscoring its necessity for market readiness. Minister Puri expressed optimism regarding crude availability in the foreseeable future, highlighting India’s proactive stance in global energy dynamics. India’s advancements in renewable energy were highlighted, with the nation ranking fourth globally in installed renewable energy capacity, and 40% of installed capacity sourced from non-fossil fuels. PM Modi concluded by urging international investors to explore opportunities in India’s solar energy sector and emphasized the significance of the National Green Hydrogen Mission, envisioning India as a hub for hydrogen production and export.
Way forward
Present energy security aims go beyond merely ensuring the availability of abundant oil supplies at affordable prices. They also include ensuring long-term energy adequacy in a new economic environment of deregulated and liberalised markets and fostering sustainable development. The world will continue to depend on fossil fuels for decades to come. But these fuels have detrimental impacts on the environment that must be dealt with to achieve sustainable development. This requires promoting clean energy technologies, pursuing energy efficiency, developing renewable forms of energy, and providing technical assistance to developing countries, where most growth in energy use will take place. Our goal is to achieve Net Zero Emission by 2070. Similarly tripling of installed renewable capacity from around 3,400 GW today to over 11,000 GW by 2030 is required, adding on average an ambitious 1,000 GW annually till the end of this century. Deeply entrenched barriers across infrastructure, policy and institutional capacities, remnants of the fossil-fuel era, must be overcome to scale and speed up the deployment of renewables. And a reform of the global financial architecture should recognise the role of multilateral financial institutions in prioritising the infrastructure needed for a new energy system run on renewables. Like PM Modi expressed that India’s carbon emission share is just 4 per cent globally, but still we are improving on our energy mix for a sustainable future. India is emphasizing the development of environmentally conscious energy sources to enhance our energy mix. Achieving the global pledge requires stronger policy actions, investment and global collaboration, reiterating the criticality of the next seven years for bringing the world back on track towards the 1.5°C Pathway and realizing the Sustainable Development Goals.
*Editor, Focus Global Reporter
