Prime Minister Modi Inaugurates India Energy Week 2024 in Goa, Emphasizes Sustainable Energy Transition

Goa: Prime Minister Narendra Modi inaugurated India Energy Week 2024 in Goa, today, marking the commencement of the country’s largest and most comprehensive energy exhibition and conference. The event aims to bring together the entire energy value chain to accelerate India’s transition towards sustainable energy goals. Prime Minister Modi also held a roundtable discussion with global oil and gas CEOs and experts.

Addressing the gathering, Prime Minister Modi welcomed attendees to the second edition of India Energy Week, expressing delight that the event is being held in the vibrant state of Goa known for its hospitality and natural beauty. He highlighted Goa’s rising development and emphasized its suitability as a venue for discussions on a sustainable future and environmental sensitivity.

Prime Minister Modi noted that India Energy Week 2024 coincides with a significant time when India’s GDP rate has crossed 7.5 percent in the first six months of the financial year, making India the fastest-growing economy globally. He highlighted the expanding role of the energy sector in India’s growth story, with India ranking as the world’s third-largest energy, oil, and LPG consumer.

Emphasizing India’s commitment to meeting its growing energy demand, Prime Minister Modi outlined the country’s plans for the energy sector. Despite adverse global factors, he noted that India has reduced petrol prices and achieved 100 percent electricity coverage for millions of households, setting a global direction.

The Prime Minister highlighted the government’s substantial infrastructure push, allocating 11 lakh crore rupees in the recent Budget, a significant portion of which will go to the energy sector. He emphasized the increasing production of domestic gas and India’s efforts to raise the percentage of gas in the primary energy mix from 6 to 15 percent, requiring an investment of approximately 67 billion dollars in the next 5-6 years.

Prime Minister Modi stressed the importance of the circular economy and reuse concepts in India’s traditions, applying them to the energy sector. He highlighted the Global BioFuel Alliance, initiated during the G20 Summit, as a platform uniting governments, organizations, and industries worldwide to encourage biofuel use and create economic opportunities worth $500 billion.

Discussing India’s progress in the biofuel sector, Prime Minister Modi mentioned the significant rise in ethanol blending, reaching 12 percent in 2023. He announced the government’s target of achieving 20 percent ethanol blending in petrol by 2025 and highlighted the increasing number of retail outlets promoting ethanol blending.

Prime Minister Modi reiterated the government’s commitment to transforming rural economies through the Waste to Wealth Management model and announced plans for the installation of 5000 Compressed Biogas Plants in India. Addressing global environmental concerns, he highlighted that India’s carbon emission share is only 4% despite being home to 17% of the world’s population.

Prime Minister Modi emphasized India’s goal to achieve Net Zero Emissions by 2070 and highlighted the nation’s ranking as the fourth-largest in the world in Renewable Energy Installed Capacity. He praised the significant growth in India’s Solar Energy Installed Capacity in the past decade and announced a major mission to install Solar Rooftop Panels in one crore homes across India.

Touching upon India’s strides in the green hydrogen sector, Prime Minister Modi highlighted the National Green Hydrogen Mission, envisioning India as a center of hydrogen production and export. He expressed confidence that India’s green energy sector can make both investors and industries successful.

In conclusion, Prime Minister Modi expressed optimism about building a prosperous and environmentally sustainable future through collaboration and knowledge sharing in sustainable energy development. The India Energy Week event is a reflection of India’s commitment to global cooperation in the energy sector, promoting a ‘India with the world and India for the world’ sentiment.

The event, expected to witness the participation of around 17 Energy ministers from different countries, 35,000+ attendees, and more than 900 exhibitors, will continue until February 9. It will feature six dedicated country pavilions and a special Make in India Pavilion showcasing innovative solutions by Indian MSMEs in the energy sector.