India’s dependence on fossil fuel to continue: Minister Hardeep Singh Puri at CII
Importance of energy price and competitiveness emphasised at Davos session
Union minister of Petroleum and Natural Gas and Housing and Urban Affairs Mr Hardeep Singh Puri underlined the importance of price of green hydrogen for faster energy transition while stating that the country will continue to be fossil fuel dependent for some time.
“We need to bring the price of Green Hydrogen down for a faster transition. But at least for the next 20 years, India will be fossil-fuel dependent,” said Mr Puri while delivering the keynote address at the CII-EY Session on "Accelerating India’s Energy Transition: Towards Sustainable Economic Growth” at Davos 2024 today.
Addressing the session, the minister said the availability of energy in India is a challenge – the economy is growing and so is the import dependence. He highlighted that the Indian economy faces three developmental challenges with respect to energy transition - availability, affordability, and sustainability, all of which are critical for the energy transition.
Mr Puri said India will not have to wait for 2028 to become a $5 trillion economy. It will happen earlier. He said, “Transition by its very nature has to have both a clear roadmap and have in place all the safeguards that will ensure that there are no knee jerk reactions.”
In his address, Mr Rajiv Memani, Vice President, CII & Chair - India Region and Chairman - Emerging Markets Committee, EY, said the Indian economy has built resilience in macro-economic policy and balance sheets.
Mr Memani said the government has articulated self-sufficiency in energy and taken measures both on the supply and demand sides. He said private sector investment in renewable energy is about $300-350 billion investment.
Ms Anja-Isabel Dotzenrath, Executive Vice President, Gas & Low Carbon Energy, bp, stated that while energy transition is critical, it must be done in an orderly manner. Recent disruptions have demonstrated how sensitive the petroleum supply chain can be, she added.
Mr Mahesh Kolli, Founder, President & Joint Managing Director, Greenko, said that certain Indian industry sectors are well positioned to transition and can meet carbon border requirements.
16 January,
Davos