Remarks by Minister of Petroleum and Natural Gas, Housing and Urban Affairs, Shri Hardeep Singh Puri at the Energy Ministers’ Session of the Voice of Global South Summit- January 13, 2023
It is my privilege to welcome you to the Energy Ministers’ Session in the Voice of Global South Summit, where we, as a group, deliberate upon very apt theme of Energy Security and development: Roadmap to Prosperity.
Yesterday, Hon’ble Prime Minister Shri Narendra Modi ji, inaugurated this summit of an important group of nations to collaborate on political, economic, social, environmental, cultural, and technical issues.
India has taken over the Presidency of G20 in December 2022.It is our endeavour to utilize this opportunity to become voice of the global south summit to highlight the common concerns of energy security, energy justice, sustainable energy transition so that all developing countries can gain reliable and clean energy.
India will use all platforms i.e. business, Government as well as civil society/academia for this endeavour.
Around 80 percent of the world’s population lives in Sub-Saharan Africa, South Asia, and Southeast Asia, where farming households are disproportionately poor and vulnerable.
Today, the World is facing unprecedented crisis of 3 "F” ‘Food, Fuel and Fertilizer’. We are witnessing extreme price volatility in energy molecules. The most acute impact of this is felt in global south.
Despite these challenging circumstances, Government of India has taken several measures to maintain energy security for its citizens. These include diversification of supplies, increase of alternate energy sources like Bio-fuels, Ethanol, CBG, increasing E & amp;P footprint along with focus on domestic production; and meeting energy targets through EVs & amp; Hydrogen. All these measures offer easy replication for achieving our respective energy security goals.
For instance, India has recently developed a patented stationery, rechargeable and always kitchen-connected indoor solar cooking system. We have come a long way from firewood to kerosene to LPG and now to next-gen cooking solution in the form of Solar cook Top.
Once it starts commercial production, we will be able to offer this technology to our partner countries, which has the potential to change indoor cooking and move towards smokeless and sustainable kitchens.
Today, the World requires more sustainable energy models including all sources of energy to continue the momentum of economic development.
As the G20 President, India will present common concerns through the G20 Energy Transitions Working Group. Our priorities in this Working Group include, inter alia, Energy Security and Diversified Supply Chains and Universal Access to Clean Energy and Just, Affordable, and Inclusive Energy Transition Pathways.
It is well established that Bio-fuels have associated benefits such as providing a viable alternative to fossil fuels, Waste to Wealth Creation, Managing agricultural & municipal wastes, Decarbonising transport sector. All these are issues with which countries of global south are grappling with. We have increased the ethanol blending in petrol from 1.53% in 2013-14 to 10.17% in 2022, which was well ahead of November 2022 deadline and advanced its target to achieve 20% ethanol blending in petrol from 2030 to 2025-26.
To resolve the common concerns of global south, India is proposing to create Global Biofuel Alliance under G20. The aim of the Alliance is to implement projects in order to increase the deployment of biofuels and its related technology.
We are willing to share our experience and best practices with partner country of global south so that together we translate our climate pledges into actions and move on the path of development.
We look forward to your support in complementing each other’s strengths to make it more meaningful alliance.
India is the world’s fastest growing large economy. According to IMF’s World Economic Outlook Report, October 2022, India is projected to grow at 6.1% in 2023-24. This is remarkable considering that global growth is forecasted at 2.7% in 2023.
The recent OPEC World Oil Outlook resonates this belief when it states that, India will take the leading role in global demand growth of oil. OPEC projects that in India the oil demand will increase from 4.8 mb/d in 2021 to 11 mb/d in 2045.Today, more than 60 million people visit the pumps in India on a daily basis.
Yet, our commitment to the climate change goals remains undiluted.
India is undertaking an ambitious journey of energy transition to achieve net carbon zero by 2070. This transition has to be stable and just to ensure that it remains consistent.
India has met its commitment of 40% of its installed electricity capacity from non-fossil energy sources by 2030 in November 2021 itself. The country’s installed Renewable Energy (RE) capacity by October 2022 stands at 166 GW while its nuclear energy based installed electricity capacity stands at 6.78 GW.
India is setting up 2G refineries utilizing agricultural waste and bamboo to make ethanol, using indigenous technology. This contributes to achieving rural prosperity and also goes a long way in reducing pollution along with achieving energy security goals.
Adding another feather to the splendid Indian journey to decarbonization, E20 will be rolled out soon in 11 States/UTs much earlier than initial target date of 1st April 2023. Fifteen cities will be covered under phase-1. We are targeting phased rollout of E20 in entire country between now and April 2025.
We are also targeting to setup production capacity of 15 MMT of CBG from 5000 plants by 2023 with an investment of US $20 billion.
Today, Indian companies can supply the most competitive green hydrogen/green ammonia due to availability. Availability of lowest cost for solar power combined with engineering prowess makes India an ideal place for Green hydrogen production hub. We are Setting-up pilot scale and commercial scale Green hydrogen manufacturing plant by several of our Refineries.
We would be happy to partner with countries of global south in this steady march towards emerging fuels for future.
Also, Global south has tremendous potential to emerge as major producers of oil & gas, given that we partner to resolve the concerns which countries are facing. Today, India is partnering major countries of south Asia, Africa and Latin America in joint production of Oil & Gas.
Domestically, we have set a target to increase the net geographical area under exploration from 8% (0.25 million sq. km) to 15% (0.5 million sq. km) by 2025 and are expecting an investment of $58 billion in E & P by 2023.
We have reduced the prohibited/no-go areas in our EEZ by 99% of our EEZ opening up nearly 1 million sq kms for exploration to attract the domestic & Overseas investors.
Several MNCs like Chevron, ExxonMobil, Total Energies are showing keen interest to invest in Indian E & P segment.
India is ready to explore opportunities for joint development production of oil & gas assets for mutual benefit and also invites investment in our domestic E & P Sector.
India’s flagship program, Pradhan Mantri Ujjawala Yojna has led to socio-economic change and women empowerment in India. With the release of over 95 million free LPG connection to poor households, the LPG coverage in India has increased to 100 per cent.
The scheme (PMUY) has acted as one of the biggest catalysts of socio-economic change in the status of women in the country and achievement under SDG7 goals. We are keen to share the lessons learnt and best practices discovered in this journey with our partner countries to achieve sustainable domestic cooking.
India aims to bring together countries for massive deployment of solar energy in terms of technology, finance and capacity through International Solar Alliance (ISA) and connecting solar energy across borders through One Sun One World One Grid (OSOWOG) initiative.
The Sun is the unlimited source of all energy. Majority of the countries of global south are blessed with good sunshine. Sun can provide us not only electricity but also green hydrogen, thus help us in energy transition.
I will use this opportunity to call upon the countries of the global South which are yet to join ISA, to join and strengthen this initiative for common global endeavour to mitigate the changing climate.
India’s G20 agenda is inclusive, ambitious, action-oriented, and decisive.
While India will continue to work with countries of global south in the field of energy security, I would like to hear your ideas and recommendations that would be helpful in achieving greater collaboration on this important theme.
I believe that this discussion will further global south spirit of collaborative partnership for people, planet, prosperity and peace to achieve the sustainable development for all.
Excellencies, before I conclude, I would like to extend my invitation for you to participate in the first edition of India’s flagship energy event "India Energy Week 2023 (IEW)”, being held in Bengaluru from 6th-8th February 2023, wherein in-depth discussion will be held on pressing issues facing the energy market by Energy Ministers and CEOs of International Oil Majors.
I look forward to personally welcoming you at Bengaluru in February.