Goa: In a panel discussion on “Ensuring energy security for nations and industry in a VUCA world” at India Energy Week 2024, Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs, Hardeep Singh Puri, emphasized India’s recent reforms in the energy sector. The reforms, including diversification of import sources and changes in the gas pricing mechanism, have played a crucial role in stabilizing petrol and diesel prices in India amid global price fluctuations.
Participating in the ministerial panel alongside prominent global figures in the energy sector, including Saad Sherida Al Kaabi (Energy Affairs, Cabinet minister, Qatar), Vickram Bharat (Minister of Natural Resources Republic of Guyana), and Secretary General OPEC, Haitham Al Ghais, Union Minister Puri addressed the challenges posed by a VUCA world—characterized by volatility, uncertainty, complexity, and ambiguity.
Highlighting India’s strategic reforms, Union Minister Puri stated that the country’s focus is on ensuring a balanced transition from traditional to cleaner fuel sources. He emphasized the need for realistic and constructive dialogue rather than vilification of fossil fuels. Despite the global push for energy transition, he stressed the importance of maintaining access to traditional fuels and ensuring a predictable shift towards cleaner alternatives.
Secretary General OPEC, Haitham Al Ghais, acknowledged the importance of multiple pathways in energy transition and underscored the need for continued investments in the sector. He mentioned that OPEC is committed to investing hundreds of billions over the next two decades, emphasizing the essential role of fossil fuel production and the anticipated growth in demand.
Saad Sherida Al Kaabi, Minister of State for Energy Affairs, Qatar, highlighted the inadequacy of renewable sources to meet global energy needs entirely. He emphasized the impracticality of completely forsaking fossil fuels, describing it as humanity “shooting itself in the foot.” Al Kaabi emphasized the responsible use of fossil fuels alongside renewable sources to meet the growing energy demand.
Vickram Bharat, Minister of Natural Resources, Republic of Guyana, shared insights into Guyana’s recent hydrocarbon discoveries offshore, describing them as a step towards prosperity. He outlined a straightforward policy of extracting hydrocarbons rapidly to boost traditional sectors and stressed the window for oil was closing, particularly for gas.
The panel discussion reflected the complexities of the evolving global energy landscape and the importance of strategic policies and investments in navigating these challenges. Union Minister Hardeep Singh Puri concluded by reiterating India’s commitment to an orderly transition and a balanced approach to meet its energy needs in the VUCA world.