BAKU, Azerbaijan, May 24. The world needs to navigate a way out of the energy crisis into accelerated transition to green energy, Hardeep Singh Puri, Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs of India, said at the World Economic Forum, Trend reports.
“We are facing a number of crises. The energy crisis is there, it is real. Oil at $110 per barrel constitutes a challenge for the entire world. There are several elephants in the room. We need to be able to navigate successfully out of the current crisis without adding more problems in terms of sustainability.
India’s energy strategy includes accelerating efforts to move to gas-mixed economy - we are already moving from 6 percent to 15 percent of our overall energy mix; cleaner use of fossil fuels, particularly, petroleum and coal; greater reliance on domestic sources to drive biofuels; achieving the renewables target of 50 GW by 2030; increasing the contribution of electricity to decarbonize mobility; moving into the emerging fuels, including hydrogen, specifically, green hydrogen; digitalization across all the energy system. In 2014 we manage to bring the share of biofuels in the energy mix to 1.5 percent, today, it has reached 10 percent. We had a target of 20 percent of biofuel blending by 2030, but because of the current situation, we are bringing it forward to 2025,” he said.
Hardeep Singh Puri pointed out that the world needs to accelerate on the transition.
“I don’t believe that the world today is facing energy shortage. We are facing a situation where the amounts of energy being released to the global marketplace are short of the demand. That is what produces an inflationary situation. We need to move on the green path faster,” the Indian minister explained.
---
Follow the author on Twitter: @Lyaman_Zeyn