Fourth India Energy Forum 2020 | UPSC
PM delivers inaugural address at 4th India Energy Forum
WHY IN NEWS:
PM delivered inaugural address at 4th India Energy Forum CERAWeek through video conference.
SYLLABUS COVERED: GS 3: Energy
For PRELIMS note down the theme , event co-ordinators and the aim of this event.
For MAINS go through significance and India’s revised energy targets . Let us dive in !
INDIA ENERGY FORUM
- On October 26-28, 2020, thousands of delegates from Indian, regional, and international energy companies, institutions, and governments will gather virtually.
- This will be under the patronage of Honourable Minister Dharmendra Pradhan and the Ministry of Petroleum & Natural Gas .
- CERAWeek .
KEY TOPICS TO BE DISCUSSED
- Impact of the Pandemic on India’s future energy demand
- Securing supplies for India’s economic growth
- What does energy transition and the climate agenda mean for India?
- Natural Gas in India’s Energy Mix: What’s the path
- Refining & petrochemicals: Strategies midst surplus
- Market and regulatory reform
- In 1983, Cambridge Energy Research Associates (CERA) was founded in Cambridge, Massachusetts.
- The energy research and consulting firm quickly became known for its critical knowledge and independent analysis .
- CERAWeek key research is on energy markets, geopolitics, industry trends, technology and strategy.
- The CERAWeek program provides comprehensive insight into the global and regional energy future by addressing key issues .
- It has become the world’s premier energy event.
- The conference is distinctive in the extraordinary depth and breadth of its content, attracting global thought leaders and shaping the global energy agenda.
INDIA’S ENERGY PLAN
- India’s Energy Plan aims to ensure energy justice while adhering to global commitments to sustainable growth.
- PM Says India would continue its efforts to fight climate change.
- He urges industry to create a transparent and flexible market for both oil & gas.
- PM lists out the seven key drivers for India’s Energy map.
KEY DRIVERS OF INDIA’s ENERGY
1. Accelerating our efforts to move towards a gas-based economy.
2. Cleaner use of fossil fuels particularly petroleum and coal
3. Greater reliance on domestic sources to drive bio-fuels.
4. Achieving the renewables target of 450 GW by 2030.
5. Increasing the contribution of electricity to de-carbonize mobility.
6. Moving into the emerging fuels including hydrogen
7. Digital innovation across all the energy systems.
- India is the third largest and the fastest growing aviation market in terms of domestic aviation .
- Indian carriers are projected to increase their fleet size from 600 to 1200 by 2024.
- That is when socio-economic transformations can take place.
- The energy sector empowers people and furthers “Ease of Living” and he listed Government’s initiatives to achieve this.
- India’s Energy Plan means more energy is needed to improve the lives of Indians with a smaller carbon foot-print.
IMPLEMENTATION AND INTERVENTIONS
- India the most attractive emerging market for clean energy investment viz, distributing more than 36 crore LED bulbs.
- The cost of LED bulbs reduced by 10 fold, installing over 1.1 crore smart LED street-lights in the last 6 years.
- These interventions have enabled an estimated energy savings of 60 billion units per year.
- The estimated green-house gas emission reduction of over 4.5 crore tonnes of Carbon dioxide annually and monetary savings of around Rs. 24,000 crore annually.
- India is well on track to meet the global commitment.
- India is having one of the lowest carbon emissions than the rest of the industrialized world, India would continue its efforts to fight climate change.
- Reforms in Exploration and Licensing Policy, shifting the focus from ‘revenue’ to ‘production’ maximisation.
- The Prime Minister said the Government is moving forward with the vision of ‘आत्मनिर्भर भारत.‘
- He added a Self-reliant India will also be a Force Multiplier for the global economy and Energy security is at the core of these efforts.
- The Government is driving strategic and comprehensive energy engagements with the key global energy players.
- He added as part of India’s Neighbourhood First Policy, development of energy corridors with our neighbouring countries is prioritized for mutual benefit.
SOURCES: PIB | Fourth India Energy Forum 2020 | UPSC