More The Uncertainty Faster The Energy Transition, Says Hardeep Singh Puri
Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, shared an optimistic outlook on India's energy transition at Energy Transition Dialogues, emphasising that increasing global uncertainty is driving a faster shift towards sustainable energy solutions as stakeholders are wanting to take fewer risks.
The minister’s remarks came at an event hosted by the Global Energy Alliance for People and Planet (GEAPP) in partnership with the Observer Research Foundation (ORF).
Addressing the critical aspects of managing energy uncertainty, the minister underscored three key pillars: availability, affordability, and the transition to sustainable energy sources. Puri highlighted India's commendable progress in all these areas.
Regarding energy availability, he affirmed the government's commitment to diversifying energy sources and ensuring a stable and resilient energy supply. He also expressed that India can purchase oil from Venezuela if it gets cheaper from there, as it can be used in Indian refineries now.
In terms of affordability, Puri noted a positive trend in energy pricing, with prices steadily declining since April 2021. Notably, petrol prices dropped by 5 per cent and diesel prices saw a 0.2 per cent reduction during this period, which stands in contrast to neighbouring countries, where energy prices have been on the rise, the minister added.
The minister urged states with non-BJP governments to consider reducing the value-added tax (VAT) on petrol and diesel, a move aimed at further enhancing energy affordability for the people.
One of the significant highlights of the speech was the mention of the Global Biofuels Alliance (GBA). Minister Puri emphasised the importance of biofuels in India's energy transition, stating that they are not just the future, they are already a reality.
The minister added that India has achieved remarkable progress in biofuel blending. This ambitious goal represents a trillion-dollar opportunity for the nation.
Furthermore, Minister Puri mentioned India's role in the launch of the Global Biofuels Alliance (GBA), a noteworthy initiative supported by India, the United States (US), and Brazil.
The alliance is set to play a pivotal role in catalysing the global expansion of biofuels, fostering technology sharing, and promoting sustainable growth in the sector.
In conclusion, Puri's speech paints a promising picture of India's energy transition efforts, underscoring the nation's commitment to ensuring energy availability, affordability, and sustainability.
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