Transition to green energy gaining momentum in India, says Hardeep Singh Puri

Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas, said India is one of the largest markets for crude oil even as the transition towards green energy is picking up pace. In an interaction with CNBC-TV18, Puri said "(India) is a place for energy, where things are happening."

Puri said India has emerged as a pivotal player in the global energy landscape, with its expanding exploration and production activities and a rapidly accelerating shift towards green energy solutions.

He also added that the country's commitment to transitioning to green energy has gained significant traction. Puri indicated that this momentum has attracted a plethora of international stakeholders keen on participating in India's energy evolution.

Bharat Petroleum’s chairman G Krishnakumar said on Monday that the company plans to invest $18.16 billion over five years to grow its oil business and expand its renewable energy portfolio as it aims for a 2040 net zero goal. During its 46th Annual General Meeting, Reliance Industries also made a similar commitment by stating that the conglomerate is progressing well to deploy Rs 75,000 crore to build a new energy manufacturing ecosystem. "This will enable us to accelerate giga-scale production for round-the-clock power and for large-scale Green Hydrogen production for green chemicals manufacturing, as well as for green mobility," Mukesh Ambani, Chairman and Managing Director of RIL, had said.

Puri highlighted the substantial involvement in India of some of the world's largest exploration and production companies. These collaborations underscore India's growing prominence in the green energy domain. The minister expressed optimism about the progress of the green hydrogen story in the country, indicating that the sector is making noteworthy advancements.

Discussing specific initiatives, Puri said the Indian Oil Corporation Limited (IOCL) is poised to contribute significantly to the green energy transition. "Out of the 11 refineries under IOCL, two are slated to produce green hydrogen," Puri said, adding that he wants to see this number rise, with the inclusion of additional refineries from IOCL as well as other key players like BPCL.

Puri also shed light on the influx of international investments in India's green hydrogen sector. "A single company has invested a staggering $32 billion, setting up plants along the Indian coastline," Puri said, noting that this company has already secured contracts to supply green ammonia to Germany and Singapore, showcasing India's potential to become a global green energy exporter.

As Puri summed up, "This situation has the potential for dramatic transformation." With India's escalating involvement in green energy initiatives, its attractiveness to international investors, and the commitment of major energy corporations, the nation is undoubtedly making significant strides toward a greener and more sustainable energy future.