Prime Minister Narendra Modi on Monday while referring to the recent reforms in the energy sector, said that India will accelerate the demand for global energy. Addressing the 4th India Energy Forum of CERAWeek, PM Modi said that the global energy demand has decreased by one-third due to the coronavirus epidemic. Investment has been affected and demand is expected to moderate in the next few years.
He said that but India’s energy consumption will double in the long run. Our energy sector is growth-focused, investor-friendly and environmentally conscious. India is rapidly developing clean and renewable energy sources. He said, “India is moving towards the commitment related to climate change (COP 21)”. We are committed to the target of achieving 1,75,000 MW renewable energy capacity by 2022.
India is also among the countries with low carbon emissions
The Prime Minister said that we have set a target of increasing renewable energy capacity to 4,50,000 MW by 2030. India is among the few countries where carbon emissions are low. Referring to the reforms undertaken in the last five years in the energy sector, PM Modi underlined the changes in the oil and gas exploration and production sector as well as the gas marketing sector.
India has to build a gas-based economy
Modi said that India’s energy sector has grown rapidly in the last five years. Our emphasis is to make India a gas-based economy. We have targeted to increase the oil refining capacity from the current 250 million tonnes to 45 million tonnes by 2025 and are moving in this direction. He said that India’s energy future is bright and secure.
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