Matribhumi Samachar English
New Delhi. The Prime Minister, Narendra Modi inaugurated Bharat Energy Week 2024 in Goa today. Bharat Energy Week 2024 is Bharat’s largest and only all-encompassing energy exhibition and conference, bringing together the entire energy value chain to catalyze Bharat’s energy transition goals. The Prime Minister also held a roundtable with Global oil & gas CEOs and experts.
Addressing the gathering, the Prime Minister welcomed everyone to the second edition of Bharat Energy Week. Expressing delight that the event is taking place in the energetic state of Goa, the Prime Minister said that it is known for its spirit of hospitality and the natural beauty and culture of the place leaves a profound impact on tourists from around the world. “Goa is touching new heights of development”, the Prime Minister said, underlining that it is the perfect destination for a discussion on a sustainable future and sensitivity towards the environment. He expressed confidence that the foreign guests who have gathered in Goa for Bharat Energy Week 2024 will take along a lifetime memory of the state.
Noting that Bharat Energy Week 2024 is taking place at a significant time period when Bharat’s GDP rate crossed 7.5 percent in the first six months of the financial year, the Prime Minister said that the growth rate is higher than the global growth estimate making Bharat the fastest growing economy in the world. He also mentioned the International Monetary Fund’s prediction of similar growth trends in the future. “Economic experts around the world believe that Bharat will soon become the 3rd largest economy in the world”, Modi said and emphasized the expanding scope of the energy sector in Bharat’s growth story.
The Prime Minister noted that Bharat is the world’s third largest energy, oil and LPG consumer. Furthermore, he said Bharat is the fourth largest LNG importer and refiner along with the fourth largest automobile market. He also underlined rising demand of EV in the country. He also talked about the estimates of doubling of the nation’s energy demand by 2045. The Prime Minister elaborated Bharat’s plan to meet this growing demand. Highlighting the efforts to ensure affordable fuel, the Prime Minister said that despite adverse global factors, Bharat is among the few nations where petrol prices have come down and 100 per cent electricity coverage was achieved by electrifying crores of houses. “Bharat is not just meeting its needs but is also determining the global direction”, the Prime Minister added.
Explaining the unprecedented infrastructure push, the Prime Minister mentioned 11 lakh crore rupees that the recent Budget pledged for infrastructure, a big part of which will go to the energy sector. This amount will create assets in railways, roadways, waterways, airways or housing which will need energy leading to Bharat’s efforts to expand its energy capacity. He noted rising production of domestic gas due to the government’s reforms and the country is making efforts to take the percentage of gas in the primary energy mix from 6 to 15 percent. This will see an investment of about 67 billion dollars in the next 5-6 years, he informed.
Throwing light on the circular economy and concept of reuse being a part of Bharat’s ancient traditions, the Prime Minister noted that the same is applicable for the energy sector. He said that this belief is symbolized by the Global BioFuel Alliance which brings together governments, organizations and industries from across the world on a single platform. Initiated during the G20 Summit held in Bharat, the Prime Minister highlighted the holistic support received by the Alliance and informed about 22 nations and 12 international organizations coming onboard to encourage the use of biofuels in the world, while also creating economic opportunities worth $500 billion.
Highlighting Bharat’s progress in the biofuel sector, Modi informed about Bharat’s rising adoption rate. He said that ethanol blending witnessed a significant rise from 1.5 percent in 2014 to 12 percent in 2023 leading to a reduction in carbon emissions by about 42 million metric tons. “Government has set a target of 20 percent ethanol blending in petrol by 2025”, he said. Recalling the initiation of 20 percent ethanol blending in more than 80 retail outlets during Bharat Energy Week last year, PM Modi informed that the number of outlets has now increased to 9,000.
Outlining the government’s commitment to transforming rural economies through the Waste to Wealth Management model, the Prime Minister highlighted the government’s efforts towards sustainable development, Prime Minister Modi announced “we are working towards the installation of 5000 Compressed Biogas Plants in Bharat.” Addressing global environmental concerns, Prime Minister Modi remarked, “despite being home to 17% of the world’s population, Bharat’s Carbon Emission Share is only 4%.” He added, “We are committed to further improving our Energy Mix by focusing on the development of environmentally sensitive energy sources.” The Prime Minister reiterated Bharat’s goal to achieve Net Zero Emissions by 2070.
Prime Minister Modi noted, “Today, Bharat ranks fourth in the world in Renewable Energy Installed Capacity.” 40 percent of Bharat’s installed capacity comes from non-fossil fuels. Highlighting the nation’s progress in solar energy, Prime Minister Modi stated, “In the past decade, Bharat’s Solar Energy Installed Capacity has grown by more than 20 times.” He added, “The campaign to connect with Solar Energy is gaining momentum in Bharat.”
Modi noted that the launch of a major mission aimed at installing Solar Rooftop Panels in one crore homes across Bharat, will not only make one crore families self-reliant in the energy sector but also establish mechanisms to deliver excess electricity generated directly to the grid. Prime Minister Modi emphasized the transformative impact of these initiatives. “There is a great potential for investment in the entire Solar Value Chain”, he added. Touching upon Bharat’s stride in the green hydrogen sector, the Prime Minister highlighted the National Green Hydrogen Mission which will pave the way for Bharat becoming a center of hydrogen production and export. He expressed confidence that Bharat’s green energy sector can make both investors and industries a sure shot winner.
The Bharat Energy Week event reflects Bharat’s commitment to global cooperation in the energy sector. Prime Minister Modi remarked, “The Bharat Energy Week event is not just Bharat’s event but a reflection of ‘Bharat with the world and Bharat for the world’ sentiment.” He encouraged collaboration and knowledge sharing in sustainable energy development, stating, “Let us learn from each other, collaborate on cutting-edge technologies, and explore avenues for sustainable energy development.”
In conclusion, Prime Minister Modi expressed optimism about building a prosperous future that prioritizes environmental conservation. He stated, “Together, we can build a future that is prosperous and environmentally sustainable.” Governor of Goa, P S Sreedharan Pillai, Chief Minister of Goa, Pramod Sawant, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri and Union Minister of State for Petroleum, Oil and Natural Gas, Rameswar Teli were present on the occasion among others.
Background
Achieving Aatmanirbharta in energy requirements has been a key focus area of the Prime Minister. In yet another step in this direction, Bharat Energy Week 2024 is being held from 6 – 9 February in Goa and is Bharat’s largest and only all-encompassing energy exhibition and conference, bringing together the entire energy value chain, and will serve as a catalyst for Bharat’s energy transition goals. The Prime Minister also held a roundtable with Global oil & gas CEOs and experts.
Encouraging and fostering startups and integrating them into the energy value chain will be an important focus for Bharat Energy Week 2024. It is expected to witness the participation of around 17 Energy ministers from different countries, 35,000+ attendees and more than 900 exhibitors. It will have six dedicated country pavilions – Canada, Germany, Netherlands, Russia, the UK and the USA. A special Make in Bharat Pavilion is also being organized to showcase innovative solutions which Bharatn MSMEs are spearheading in the energy sector.
