- Namaste! Wonderful to see you all at the Fourth edition of India Energy Forum CERA Week. I would like to congratulate Dr. Daniel Yergin, for his contribution to the energy sector. I also congratulate him on his recent book “The New Map”.
- Friends, The theme this year is relevant. It is- “India’s Energy Future in a world of Change”. I can assure you: India is full of energy! India’s energy future is bright and secure. Let me explain why I feel so.
- Friends, This year has been challenging for the energy sector. Energy demand fell by almost one third. There has been price instability. Investment decisions have been impacted.
- Leading global bodies project that there will be a contraction in global energy demand over the next few years also. But, these agencies project India to emerge as a leading energy consumer. India is set to nearly double its energy consumption over the long term.
- Friends, There are many areas in which we see this vibrancy. For example – take aviation. India is the third largest and the fastest growing aviation market in terms of domestic aviation .
- Indian carriers are projected to increase their fleet size from 600 to 1200 by 2024. This is a big jump!
- Friends, India believes that access to energy must be affordable and reliable. That is when socio-economic transformations can take place.
- We view the energy sector as one that empowers people and furthers “Ease of Living”. India achieved hundred percent electrification.
- LPG coverage increased. These changes particularly helped our rural areas, our middle class and the women of India.
- Friends, India’s Energy Plan aims to ensure energy justice. That too while fully following our global commitments for sustainable growth.
- This means more energy to improve the lives of Indians. But, with a smaller carbon foot-print. Friends, Our energy sector will be growth centric, industry friendly and environment conscious.
- That is why, India is among the most active nations in furthering renewable sources of energy. Friends, In the last 6 years, more than 36 crore or 360 million LED bulbs were distributed. The cost of LED bulbs has also reduced 10 fold.
- In the last 6 years, Over 1.1 crore or 11 million smart LED street-lights were installed. These have enabled an estimated energy savings of 60 billion units per year.
- The estimated green-house gas emission reduction with this programme is over 4.5 crore or 45 million tonnes Carbon dioxide annually. Along with all this, we also saved around Rupees 24,000 crore or Rupees 240 billion annually. It is due to such interventions that reports have said that India is the most attractive emerging market for clean energy investment.
- Friends, As I said, India will always work keeping in mind global good. We are well on track to meet the commitment we made to the global community.
- We had aimed to increase the renewable energy installed capacity by 175 GW by 2022. We have further extended this goal to 450 GW by 2030.
- India has one of the lowest carbon emissions than the rest of the industrialized world. Yet, we will continue to make efforts to fight climate change.
- Friends, India’s reform journey has been on high speed for the last six years. The energy sector has seen many path-breaking reforms.