New Delhi: Inviting global investors to India’s energy sector, India PM Narendra Modi on Monday said that the country was the most suitable destination for investments in renewable energy space
In his remarks at the India Energy Week 2023 opening ceremony, the prime minister urged participants to learn more about and get active in India's energy sector.
“Today India is the most suitable destination in the world for your investment", PM said. In his thorough explanation of his government's emphasis on green technologies, sustainable transportation, and renewable energy in the 2017 budget, Modi emphasised that Rs35,000 crore had been set up for priority capital investments to further net-zero and energy transition goals.
In addition, he said that a total capital investment of Rs. 10 trillion will increase infrastructure projects including roads, solar panels, and green hydrogen.
He said that during the past nine years, India's renewable energy capacity has climbed from 70 gigawatts to approximately 170 gigawatts, with a 20-fold growth in solar power. India, according to Modi, has the fourth-largest capacity for wind energy.
By the end of this decade, we want to have 50% of our capacity run by non-fossil fuels.
We are also moving quickly on combining ethanol and biofuels. We have increased the ethanol blend in gasoline from 1.5 percent to 10 percent during the past nine years. The prime minister said, "Right now, we are heading toward the goal of ethanol blending at 20 percent.
He added that 15 cities will initially receive 20% ethanol-blend gasoline before it was extended to the entire nation in two years.
In reference to India's energy shift, Modi stated, "This is happening in two ways. First, quick adoption of renewable energy sources, followed by quick adoption of efficient energy-saving techniques... Within the next two to three years, solar cooktops would be available to more than 3 crore households. This will start a kitchen revolution in India, where there are more than 25 crore families.
Speaking about the recently approved national green hydrogen mission, he claimed that it will provide India a new direction for the twenty-first century and create an investment opportunity worth more than Rs8 trillion. India would replace grey hydrogen with green hydrogen, increasing its percentage to 25%, he added.
The day's events also saw the launch by the prime minister of uniforms made from recycled PET bottles as part of Indian Oil's "Unbottled" project. He also inaugurated the indoor solar cooking system from Indian Oil's twin-cooktop model and dedicated it.
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