The pandemic with all its ill effects, pummelling of global demand being one of its major reasons, India will drive the energy consumption in the world, PM Modi said on Monday as he pitched for global oil and gas suppliers to adopt responsible pricing and move towards transparent and flexible markets.
“The theme (of the conference) this year is relevant. It is – ‘India’s Energy Future in a world of change’. I can assure you India is full of energy. India’s energy future is bright and secure,” he said.
“India’s energy will energise the world.” The Prime Minister said 2020 has been a challenging year for the energy sector globally, with demand falling by almost one-third. Also, there were bouts of price instability and investment decisions were impacted.
“For too long, the world has seen crude prices on a roller-coaster. We need to move towards responsible pricing. We have to work towards transparent and flexible markets for both oil and gas,” he said.
India, he said, was well on track to meet its commitment on carbon emissions. “We had aimed to increase the renewable energy installed capacity by 175 GW by 2022. We have further extended this goal to 450 GW by 2030. India has one of the lowest carbon emissions than the rest of the industrialised world. Yet, we will continue to make efforts to fight climate change,” he said.