Home / Economy / IEW underlines India’s growing leadership role in global economy: Puri

New Delhi: Petroleum Minister Hardeep Singh Puri on Monday said that India Energy Week underlines India’s role in the global economy, as a ‘Vishwaguru’ following ideals of ‘Vasudhaiva Kutumbakam’.

In his opening remarks at the inaugural event of India Energy Week (IEW) 2023, being held in Bengaluru from 6 to 8 February, 2023, the minister said, “it captures India’s dreams and aspirations of an ‘Amrit Kaal’, whilst also underlining her role in the 21st Century global economy as a ‘Vishwaguru’ following ideals of ‘Vasudhaiva Kutumbakam’."

The India Energy Week was borne out of PM Modi’s long standing vision for India’s role in the global energy transition while ensuring energy security, affordability, and accessibility for her citizens, Puri said.

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Acknowledging the significance of the event in current global energy context, Hardeep Puri noted, “IEW 2023 comes at a watershed in the global energy landscape and it will devise solutions to solve the global energy quadrilemma of energy access, affordability, and availability with security at its pivot and devise solutions for the future global energy transition." 

This year’s theme ‘Growth Collaboration Transition’ is very apt as it underscores the need for us to collaborate and grow together, he said.

The Petroleum Minister said that India continues to underscore the importance of oil and gas yet our commitment to climate change mitigation goals remains unabated. The country has carved out an energy agenda which is inclusive, market-based, and climate - sensitive. 

He observed that India has already pledged to become net-zero in emissions by 2070 and cut down the emission by 1 billion tons by the end of 2030. These commitments come despite India’s historical contribution to global emissions (since 1890) is about 4%, despite being the 5th largest economy and home to 17% of the world’s population and despite India’s per capita emissions ranking lowest amongst the G20 countries and about half of the global average.

“We remain focused on energy efficiencies, laying impetus on fuels of the future including biofuels and hydrogen, and increasing the use of renewable energies etc. At the same time, we are taking transformative steps to increase domestic exploration and production of traditional hydrocarbons.", added Puri.

Talking about the ‘Unbottled’ initiative of Indian Oil, the Minister said, “In line with the clarion call given by Hon’ble PM, to phase out single use plastic items, we are launching largest initiative in world to reuse and recycle 100 million PET bottles per year." 

This also resonates with global initiative ‘Lifestyle for the Environment (LiFE) movement launched by PM. PET bottles will be converted into cloth for the front line workers of Oil Marketing Companies (OMCs), non-combat uniforms for Armed Forces and other Institutions & Retail sales, he informed.

“The Union Budget 2023 has reflected “Green Growth" as one of the highlights with allocation of Rs. 35,000 crore for priority capital investments towards energy transition & net zero objectives, and energy security, and made significant policy changes for accelerating outcomes," Puri added.

In his concluding remarks, the minister expressed confidence that IEW will provide an unrivalled global networking platform for all where, key priorities will be set, and new partnerships will be forged in energy sector.

Earlier in the day, Prime Minister Narendra Modi inaugurated the India Energy Week (IEW) 2023 in Bengaluru today. He launched the uniforms under the ‘Unbottled’ initiative of Indian Oil. These uniforms are made of recycled PET bottles. He also dedicated the twin-cooktop model of the IndianOil’s Indoor Solar Cooking System and flagged off its commercial roll-out.

The Prime Minister also launched E20 fuel at 84 retail outlets of Oil Marketing Companies in 11 States/UTs along the lines of the ethanol blending roadmap. He also flagged off the Green Mobility Rally where vehicles running on green energy sources will participate and help create public awareness for green fuels.

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