India will drive the global energy demand, Prime Minister Narendra Modi said on Monday as he showcased his government’s recent reforms in the sector to global investors.
Speaking at the India Energy Forum by CERAWeek, Modi said the coronavirus pandemic had resulted in global energy demand falling by one-third, investment decisions being impacted and predictions of a contraction in demand over the next few years.
But India is likely to see energy consumption double over the long term, he said.
This at a time when the country fast embraces cleaner and renewable sources of energy.
India, he said, was on track to meet its COP21 commitment of raising electricity generation from renewable energy sources to 175 gigawatts by 2022.
“We have further extended the target to 450 GW by 2030,” he said, adding India has one of the lowest carbon emissions.
Stating that India saw transformational reforms in the energy sector in the last five years, the Prime Minister highlighted changes in oil and gas exploration and production regime as well as gas marketing.
“India’s reform journey has been on the high speed in the last five years,” he emphasised.
While the focus is to make India a gas-based economy, the nation would also be raising oil refining capacity from 250 million tonnes per annum currently to 450 million tonnes by 2025 to keep self-reliance in sync with demand, he said.
India’s energy future is bright and secure, Modi said, adding access to energy should be affordable and reliable.
“Our energy sector will be growth-centric, investor-friendly and environment conscious,” he added.