Showcasing his government’s recent reforms, Prime Minister Narendra Modi said India would drive the global energy demand.
Speaking at the India Energy Forum by CERAWeek, Modi said the coronavirus pandemic had resulted in global energy demand falling by one-third.
He said that it has caused investment decisions impacted and predictions of a contraction in demand over the next few years.
But India is likely to see energy consumption double over the long term, he said.
This at a time when the country fast embraces cleaner and renewable sources of energy.
He said India was on track to meet its COP21 commitment of raising electricity generation from renewable energy sources to 175 gigawatts by 2022.
“We have further extended the target to 450 GW by 2030,” he said, adding India has one of the lowest carbon emissions.
Stating that India saw transformational reforms in the energy sector in the last five years, the Prime Minister highlighted changes in oil and gas exploration and production regime and gas marketing.
“India’s reform journey has been on the high speed in the last five years,” he emphasized.