India Energy Week 2024: Minister Hardeep Singh Puri calls for “orderly transition” to green fuels

A ministerial panel dialogue on the India Energy Week 2024 noticed Union Minister of Petroleum and Natural Gas Hardeep Singh Puri calling for an “orderly transition” to green fuels, in order that the world didn’t “immediately” discover itself with out vitality.

Held yesterday, on the inaugural day of IEW 2024 in Goa, the panel dialogue, titled ‘Ensuring Energy Security for Nations and Industry in VUCA World’, had Puri sharing the stage with Saad Sherida Al-Kaabi, Minister of State for Energy Affair, Qatar; Vickram Bharrat, Minister of Natural Resources of Guyana; and Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC).

Expressing his ideas as regards to vitality safety, the Indian minister wrote on the platform X: “Investment in sustainable practices ensures the long-term resilience of our finite sources whereas mitigating unpredictable worth volatility.”

The publish added: “Transitioning to cleaner greener fuels is crucial for securing uninterrupted and sustainable vitality entry, which is important for fostering world financial development.”

On the stage, Puri mentioned, “Today, I feel the problem earlier than us is to make it possible for the transition, which implies travelling from this level to the following, is finished in an orderly method.”

Outlining the way it needs to be, he mentioned, “[The ideal scenario] is that we’ve entry to conventional fuels, we’re making regular and predicted transition to greener fuels, and that the world is just not immediately going to discover itself with out vitality, as a result of vitality is the important thing driver of the sort of development that we’re having to grapple [with].”

An extended X publish on the topic by minister Puri defined: “Energy capabilities because the important power driving economies, propelling industrial growth, fuelling households, & upholding the basic buildings of societies.”

He mentioned: “In a dynamic panorama characterised by fluctuations similar to geopolitical tensions, pure disasters, financial shifts, & technological disruptions, or VUCA as ‘volatility, uncertainty, complexity, and ambiguity’ is collectively identified, making certain vitality safety turns into an indispensable element for all economies.”

‘India has efficiently navigated the vitality trilemma’

Specifically, about India, the minister wrote: “Due to these geo-political disturbances, whereas economies world wide have plateaued, India efficiently navigated the vitality trilemma of availability, affordability & sustainability; & has been experiencing a steady surge in its financial development; & aligned with it, a fast improve in its vitality demand as properly.”

The publish continued: “India’s pragmatic stance had a relaxing affect on world vitality flows, a web contributor to world vitality stability.

“India stands as world’s third largest vitality shopper, third largest shopper of oil, third largest LPG shopper, 4th largest LNG importer, 4th largest refiner and 4th largest vehicle market on the earth.”

Puri predicted on this publish: “India’s present oil consumption is round 5 million barrels per day & it is just a matter of time earlier than it turns into 6-7 million barrels a day. India is probably going to account for 25% of world vitality demand development over the following twenty years.”