Energy today in the Indian context assumes extreme significance — the world over, when you talk about the energy sector, you are talking about economic growth, said Union Minister for Petroleum and Natural Gas Hardeep Singh Puri, at the curtainraiser for India Energy Week 2023 in Bengaluru on Friday.
The India Energy Week would be held from February 6 to 8, 2023, in Bengaluru.
Puri said in India, today's demand for energy is growing at 3 percent as against 1 percent globally. "Today, the buzz around the world is that between 2020 and 2040, 25 percent of the global increase in demand will come from India," he said, adding that the challenge before the country is to have to meet the energy demands of a fast-growing economy and "ensure that we don't deviate or dilute from our commitment to a green transition. However, we do have to survive the present".
Puri said that many countries in the world started talking about green transitions, but when geopolitical situations came up they had to go back to hydrocarbons and fossil fuels in a very big way.
"Fortunately, we are making progress and will not allow the challenges that we are confronted with today to in any way diminish our commitment to green transition," he said.
On biofuels
In 2014, India was at less than 1.5 percent of biofuels mixing. "We accomplished a 10 percent biofuel blending five months before it was due in November 2022. We have brought forward the target of 2030 — for 20 percent blending, we will do it by 2024-25," he said.
According to calculations, 1,000 crore litre of biofuels or ethanol would be required for 20 percent blending. "Last year, we were already at 150 crore litres. Now, we are spreading throughout the country. Some states are doing well, some are wanting to do well," he said.
Puri said that one of the objectives for India's G20 presidency is to set up an international biofuels alliance, in which Karnataka would play a big role.
On green hydrogen
Green hydrogen is another area where a revolution is taking place. "I think India is uniquely positioned to lead the global economy on green hydrogen," he said.
"When I newly became a minister, during my first conversation with (my American counterpart), she said '1 for 1 for 1.' I was a little lost — it meant 1 kilo of green hydrogen for 1 dollar for 10 years. Sounds very ambitious," he said.
Elaborating, he said, "...what does one require to produce green hydrogen? "You need to bring the cost of power down. We have brought it down from Rs 7 to Rs 1.99 solar, and for wind — from 23 cents it is down to 3 cents. And you need an electroliser," he said.
The Minister is confident that before the India energy week in February next year, every electrolisor manufacturer in the world has either locked in with Indian commercial entities or will be doing so. "Green hydrogen stands a better chance of success if it is produced in close proximity in geographical area where it is going to be consumed," he added.
Talking more about the conclave, Puri said the aim is to bring all stakeholders together. The event is expected to have 30,000 attendees in participation, 8,000 in actual sessions.
"There is something about energy which is not just a sector-specific thing. When we talk about energy, you are talking about power, electricity, but it is only 17 percent of our energy. The real energy will come when my OMCs start utilising their refineries for green hydrogen production. And I think they are beginning to do that," he added.
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