India presents a compelling and diversified investment landscape—7.6bn tonnes of discovered upstream resources, 500mn tonnes of biofuels, foods, feedstock and rising energy demand, said Hardeep Singh Puri Minister of Petroleum and Natural Gas in the 3rd edition of India Energy Week on February 11.
Puri said, “India is scaling renewables, targeting 5mn tonnes of hydrogen by 2030, $96bn in hydrogen investments and a gas share increase of 6% to 15% alongside the $30bn in mining and petrochemical expansion.”
Talking about the energy transition in his inaugural speech, the minister also emphasised on the fact that even when renewables become the dominant energy sources, oil and gas will remain the mainstay not just in power generation but in stabilising grids, industrial hydrogen and energy storage innovations.
While talking about the policy measures required for the transition, he said that the governments must craft frameworks that incentivise bold innovation, de-risk essential investments and ensure commitments for a longer term.
Puri also emphasised on the importance of just transition, saying that energy justice must remain at the core of the imminent transformation. He said, "A fragmented transition risks deepening inequality, leaving billions without reliable energy while wealthier nations surge ahead." If the transition is not just, it will not succeed because the political economy will not allow it, he added.
More than 70,000 energy professionals from over 50 countries are expected to be participating in the 4-day international event. Over 20 energy and other ministers, including their deputies, from countries such as Qatar, UK, Russia, Brazil, Britannia and Venezuela are expected to be present in the event.
Members and executives of international organisations such as OPEC and IEF and IEA along with CEOs from Fortune 500 energy companies such as Honeywell, Petrobras and ADNOC will mark their presence in the event.
