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IEW 2023 ‘An Inflexion Point’ In Indian Energy Sector’s Evolution: Minister Puri

A persistent view that came across at IEW 2023 was that the global energy equation is fundamentally different for emerging markets and advanced economies

Photo Credit : Rohit Chintapali | BW Businessworld

As the India Energy Week (IEW) 2023 drew to a conclusion on Thursday, Union Minister of Petroleum and Natural Ga Hardeep Singh Puri said the event was an ‘inflexion point’ in Indian energy sector’s evolution.

Congratulating the participants in the IEW 2023 for making it a resounding success, the Minister said that being the first major event under India’s G20 Presidency, it provided a dynamic unique opportunity for India to bring together all the international stakeholders, domestic as well as international, on a common platform to facilitate Growth, Collaboration and Transition to make a sustainable, be a part of transformative and prosperous future for all.

“During India Energy Week 2023, India’s journey across the energy spectrum was showcased through immersive digital exhibition and Ministerial dialogues taking whole-of-Government approach including Ministry of Power, Ministry of New and Renewable Energy, Ministry of Road Transportation and Highways, Ministry of Environment Forest & Climate Change, Niti Aayog and G20 Sherpa of India,” said Minister Puri. 

The Minister said that India utilised the IEW opportunity to showcase various initiatives taken by Government of India in the energy domain to ensure energy security of its 1.4 billion citizens.

Alongside the India Energy Week, India also hosted the 9th Asian Ministerial Energy Roundtable in collaboration with International Energy Forum (IEF) with the objective of “Mapping Stable & Secure Energy pathways for achieving Energy security, Energy Justice, Growth and Innovation” and India- US Executive roundtable with US-Indian Business council and US-India Strategic partnership Forum, the Minister mentioned.

A persistent view that came across at IEW 2023 was that the global energy equation is fundamentally different for emerging markets and advanced economies. The energy equation for emerging markets with import dependency is a quadrilemma, wherein the ‘security’ becomes a pivotal and precursor element to the other variables – ‘access’, ‘affordability’, and ‘sustainability’.

Common public commentary would propose that the solution to the problem is a binary response, the immediate removal of oil and gas and their replacement by low-carbon energy solutions. The reality is more complex because the starting point and there is no playbook as the capacity of each country and region to transition from a reliance on conventional hydrocarbons to low-carbon energy is different across the globe, Minister Puri said at the event.

At IEW 2023, India launched Global International Biofuel alliance to help create develop an favourable ecosystem for promoting development  and deployment of biofuels with key stakeholders including US, Brazil, EU, IEA, Bio Future Platform, SIAM, ISMA as a clean mobility alternative under India’s G20 Presidency have advanced, he said.

IEW 2023 also witnessed the signing of some important MoUs, including an MoU between Directorate General of Hydrocarbon, Ministry of Petroleum & Natural Gas (MoPNG) and University of Houston, Texas, USA. This is being seen as a step forward in strengthening a strategic partnership between India and the United States for establishing a data centre with University of Houston.

Additionally, a Statement of Intent (SoI) between Petroleum Planning and Analysis cell (PPAC) and  International Energy Agency (IEA) to strengthen cooperation in the field of data and research in the energy sector to enhance global energy security.

IEW 2023 was held in Bengaluru from 6 to 8 February, 2023 and attracted participation of more than 35 foreign ministers including heads of international organisations, 500 international speakers, over 30,000 energy professionals, over 8000 delegates and 700 exhibitors from more than 100 over 50 countries to discuss India’s pioneering approach in Energy sector.