The future of India's energy sector will be starkly different from what it is now and it will be propelled by new technology and business models, said Union Minister of Petroleum & Natural Gas and Steel, Dharmendra Pradhan. He was speaking at the 10th World PetroCoal Congress on Saturday.
Delivered the inaugural address at the 10th World PetroCoal Congress 2020 and shared my views on bringing synergy in petroleum, coal, gas & bio-energy industry and how innovation & technology are playing a frontier role in bringing about a green energy transition. pic.twitter.com/HT4KPPFKAm— Dharmendra Pradhan (@dpradhanbjp) February 15, 2020
He claimed that his department was actively encouraging oil and gas companies to collaborate with Indian technology and research institutions of excellence to develop extensive and qualitative engagement.
He added that if proactive measures are set in motion then the energy transition that was currently underway could become more manageable. "Energy transition currently underway can become more manageable only if proactive measures are set in motion. Digital technologies are transforming the energy sector in a profound manner. Industrial Revolution 4.0 is truly at our doorstep. Indian energy companies will have to quickly adapt and adopt these technologies at a faster pace," he said.
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Pradhan advocated a healthy mix of all commercially-viable energy sources so that the twin objectives of more energy availability at an affordable price and less carbon could be met. "Winds of change are evident in the global energy arena. Energy sources, energy supply, and energy consumption patterns are changing rapidly. In our pursuit to navigate energy transition, it is natural that we will take advantage of unique synergies that exist within the country," he said.
According to Pradhan, a gradual and measured energy transition by deploying all sources of energy was necessary in order to achieve a 5 trillion USD economy by 2024.
Pradhan also added that global gas production and markets had gone through major restructuring in recent years. The government's immediate goal, according to Pradhan, is to increase the share of natural gas in India's energy sector from 6.2 per cent to 15 per cent by 2030. He also claimed that alternative fuels like ethanol and bio-diesel were a high priority for the government.
(Image Credit: ANI)