Hardeep Singh Puri, the Minister for Petroleum & Natural Gas and Housing and Urban Affairs, has stated that the economic development strategy for India is based on seven crucial transitions to low-carbon development pathways.
The strategy calls for the low-carbon development of electrical systems that are compatible with development, the development of an integrated, efficient, and inclusive transportation system, the promotion of faculty and material efficiency in buildings, sustainable urbanization, economy-wide decoupling of growth from emissions, and the development of efficient, innovative, low-emission industrial systems, the expert said.
Fossil Fuel Role In Clean Energy Roadmap
Puri was speaking at the India Energy Week during a panel discussion titled "Transitioning to a low-carbon energy mix: how are energy companies adapting?" He asserted that India's oil and gas industry has made significant recent advancements and has shown admirable fortitude in these trying times by ensuring energy supplies.
Industry leaders who spoke at the session stressed the significance of fossil fuels in the clean energy roadmap and expressed their belief that fossil fuels will be essential if India is to meet its goal of reducing the GDP's emissions intensity by 45% by 2030.
Building clean energy systems will take a long time, so doing both is the best course of action. Prashant Ruia, Director of Essar Capital and Chairman of the Board of Essar Oil UK, said that transitioning existing energy capacity and developing new energy capacity must be done concurrently.
Technology Rapid Advancement An Advantage
"The concept is to bring in future fuels to be supplied from the existing capacities and use the existing capacities to decarbonize. Having said that, finding a replacement is not simple. To create new, clean energy systems, we must use all of the infrastructure that already exists,” according to Ruia.
He continued by saying that our advantage stems from technology's rapid advancement. "As we have seen in solar space, technological advancement will happen quickly. It will be difficult to lower the cost of producing hydrogen, but I am confident that things will move quickly in this direction over the next few years," he said.
India is anticipated to have Asia's fastest-growing energy demand over the next few decades. According to projections, India's energy consumption will rise from 18.6 million barrels of oil per day in 2021 to 37.7 million barrels per day in 2045.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
