India most suitable destination for renewable energy investments: PM Modi

New Delhi, Feb. 6 -- Inviting global investors to India's energy space, Prime Minister Narendra Modi on Monday said that the country was the most suitable destination for investments in renewable energy space. Addressing the inaugural ceremony of the India Energy Week 2023, the prime minister urged stakeholders to explore every possibility related to India's energy sector and get involved with it.

"Today India is the most suitable place in the world for your investment", he said.

Modi gave a detailed exposition of his government's emphasis on renewable energy, energy efficiency, sustainable transportation and green technologies in the new budget and noted that Rs.35,000 crore has been kept for priority capital investment to push energy transition and net-zero objectives.

He also said that Rs.10 trillion worth of overall capital expenditure will provide a boost to green hydrogen, solar, road infrastructure, among others.

In the last nine years, he said, India's renewable energy capacity has risen to about 170 gigawatts from 70 gigawatts, in which solar power increased by 20 times. Modi said that India was number four in wind power capacity.

"We are aiming to have 50% non-fossil fuel capacity by the end of this decade. "We are also working very fast on biofuel, and ethanol blending. In the last 9 years, we have increased ethanol blending in petrol from 1.5 percent to 10 percent. Now we are moving towards the target of 20 percent ethanol blending", the prime minister added.

He also said that 20% ethanol blended petrol would be rolled out cover 15 cities and within two years it will be expanded to the entire country.

Talking of the energy transition in India, Modi said, "This is happening in two ways. Firstly, fast adoption of renewable sources of energy and secondly, adoption of effective methods of energy conservation...More than 3 crore households will have access to solar cooktops within the next 2-3 years. With more than 25 crore families in India, this will bring a revolution in the kitchen."

Speaking on the recently approved national green hydrogen mission, he said that the mission would give a new direction to India of the 21st century and bring about an investment opportunity worth over Rs.8 trillion. He also added that India will increase the share of green hydrogen to 25% by replacing grey hydrogen.

The prime minister during the day also launched uniforms under the 'Unbottled' initiative of Indian Oil, wherein the uniforms are made of recycled PET bottles. He also dedicated the twin-cooktop model of Indian Oil's Indoor Solar Cooking System and flagged off its commercial roll-out.

Later he launched E20 fuel at 84 retail outlets of oil marketing companies in 11 states and union territories along the lines of the ethanol blending roadmap. He flagged off the Green Mobility Rally where vehicles running on green energy sources will participate and help create public awareness for green fuels.

On the government's plans to boost exploration and production in the country, he said global players should look at opportunities in the E&P space in the country.

Citing data from International Energy Association, Modi said that India's energy demand will be highest in the present decade which presents an opportunity for investors and stakeholders of the industry. He said India's share in global oil demand is 5% which is expected to rise to 11%, while demand for gas is expected to rise up to 500%.

He underlined that new opportunities for investment and collaboration are being created by the expanding energy sector of India. Published by HT Digital Content Services with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at contentservices@htlive.com