India will boost global demand for energy, Prime Minister Narendra Modi said on Monday as he presented his government’s recent reforms in the sector to global investors.
Speaking at the India Energy Forum by CERAWeek, Prime Minister Modi said the coronavirus pandemic has led to a one-third drop in global energy demand, affected investment decisions and forecasted ‘a contraction in demand over the next few years.
But India is likely to see its energy use double in the long run, he said.
This at a time when the country is rapidly adopting cleaner and renewable energy sources.
India, he said, was on track to meet its COP21 pledge to increase electricity production from renewable energy sources to 175 gigawatts by 2022.
“We have further extended the target to 450 GW by 2030,” he said, adding that India has one of the lowest carbon emissions.
Stating that India has seen transformational reforms in the energy sector over the past five years, the Prime Minister highlighted changes in the regime of oil and gas exploration and production as well than in the marketing of gas.
“India’s reform journey has accelerated over the past five years,” he said.
While the goal is to make India a gas-based economy, the country would also increase its oil refining capacity from the current 250 million tonnes per year to 450 million tonnes by 2025 to maintain the self-sufficiency in line with demand, he said.
India’s energy future is bright and secure, Prime Minister Modi said, adding that access to energy should be affordable and reliable.
“Our energy sector will be growth-oriented, investor-friendly and environmentally conscious,” he added.
(This story was not edited by GalacticGaming staff and is auto-generated from a syndicated feed.)