CII - Confederation of Indian Industry

11/25/2023 | Press release | Distributed by Public on 11/25/2023 22:50

'Through dialogue, partnership and sharing responsibility we can build an Energy Secure World': Dr Rajkumar Ranjan Singh

"Through dialogue, partnership and sharing responsibility we can build an Energy Secure World": Dr Rajkumar Ranjan Singh

Addressing Energy Security Conference organised by CII with the support of Ministry of External Affairs, Dr Rajkumar Ranjan singh, the Hon'ble Minister said that Energy Security is of paramount importance not just for India but for the rest of the world. Energy is extremely crucial for our present and future. Our concern today is not just towards the availability of energy but also the source of energy. Diversification of energy sources is the key to achieve long term energy security. India stays committed to reduce emission intensity of our GDP by 45% by 2030 and subsequently reach to net zero by 2070. "Through dialogue, partnership and sharing responsibility we can build a world where energy is a catalyst for progress, a driver of economic growth and a force that unites nations in the pursuit of better future" emphasised the Hon'ble Minister. He said that energy security involves ensuring availability, accessibility, affordability, and reliability of energy resources.

While fossil fuels are prevalent globally, the world is transitioning to renewables due to climate change concerns. The focus extends beyond energy availability to the sustainability of energy sources, emphasizing the need for timely, affordable finance and sustainable technology for developing countries. In India's pursuit of a greener world, the primary strategy involves shifting from a coal-dependent to a renewable energy economy, focusing on Solar, Hydel, and Green Hydrogen. The comprehensive strategy includes diversifying energy sources, evident in India's significant growth of 396% in non-fossil fuel capacity over nine years, reaching 179.322 gigawatts and ranking 4th globally in renewable energy capacity. The second focus area is global partnerships, acknowledging that energy security requires collective action. India is actively engaging in bilateral and multilateral partnerships with energy-rich nations through initiatives like International Solar alliance (ISA), One Sun One World One Grid (OSOWOG), and forming green partnerships for clean energy. India commits to reducing emission intensity by 45% by 2030, reaching net zero by 2070, and supporting other countries in their energy transition. The third focus area is domestic infrastructure, development, and technological innovations. India is investing in upgrading energy infrastructure, modernizing power grids, developing smart cities, and promoting energy-efficient practices across industries. Initiatives like the Production Linked Scheme, Ethanol Blending, National Green Hydrogen Mission, and promoting electric vehicles aim for a clean and green energy future, providing significant job opportunities. India, as a responsible global player, aligns its energy policies with global transitions while ensuring access to energy for its 1.4 billion people. The Minister emphasized the importance of dialogue, partnership, and shared responsibility in building a world where energy catalyzes progress, drives economic growth, and unites nations toward a better future.

Mr Prabh Das, MD and CEO of HMEL highlighted the global shift from globalization to deglobalization following the Ukraine-Russian war. Countries are reconsidering self-sufficiency, as seen in Russia's subsidy approach with the Inflation Reduction Act. Emphasized the need for equal focus on all energy sources due to evolving global dynamics. He stressed the financial challenges associated with developing expensive technologies for sustainability. He Encouraged industries to enhance energy efficiency, emphasizing the triple benefit of saving energy, money, and the planet.

Amb. Virendra Gupta Co-chairman CII Core Group on Energy Security underscored the need to explore and sustain supplies from traditional energy sources while concurrently transitioning to newer and greener options.

Ms Seema Arora, Deputy Director General, CII said that the core focus of COP28 will be securing the remaining carbon space in the atmosphere. Ms. Arora stressed the individual responsibility in aligning lifestyles with sustainability for maintaining the desired growth rate. To achieve growth, countries can triple renewable energy capacities and double energy efficiency through strategic alliances and partnerships. This collective effort is crucial for a sustainable and prosperous future and just transition.

25 November 2023

New Delhi