Prime Minister of India, Narendra Modi, inaugurated the 2023 edition of the energy week of India in Bengaluru. During the inauguration ceremony, PM Modi noted that India’s energy demand has increased. Currently, the energy demand stands at 5%. However, it is expected to reach 11% in the upcoming years.
The prime Minister noted that the increase in energy demand and energy transition commitments of India has increased investment opportunities for energy firms to invest in India. Prime Minister Narendra Modi has noted that investments in the renewable energy sector are critical to meet India’s international and domestic climate goals.
India has recently gained the presidency of the G-20. During the tenure, the country has recently signed an MoU to promote adopting energy efficiency and sustainable practices in the region. The Memorandum of Understanding was signed between India and Indonesia-Malaysia-Thailand Growth Triangle Joint Business Council.
Accordingly, the power secretary of India, Alok Kumar, has informed the media that the member countries of the G-20 are responding positively to the need for energy security and diverse supply chains. The Finance Ministry of India has allocated priority capital of 35,000 crores in line with the government’s aim to achieve net zero transition by 2070.
Here, Asian Lite has reported that the policies of the Indian government are taken into consideration by the country’s citizens. The climate change strategies should be affordable, secure and sustainable. In line with the same, green hydrogen will play an important role in achieving net zero subscription. Especially, in sectors where decarbonisation options are limited or expensive.
Meanwhile, India aims to become a global hub for exporting and producing green hydrogen. The government has allocated 19,444 crore to the National Green Hydrogen Mission. Under this initiative, the government hopes to produce 5 million tonnes of green hydrogen annually by 2030. With this initiative, India has come a long way from being a country heavily reliant on coal, to a potential world leader in renewable energy.
