The strategic conference will bring together Ministers, energy CEOs, and policy makers from around the world to debate how nations are facing up to the challenges of the energy industry and how policy and international collaboration can help steer the industry towards a secure, sustainable, accessible and affordable energy future.
The Strategic Conference programme is built on 5 pillars:
NEW STRATEGIES FOR ENERGY DEVELOPMENT
India’s economic growth is closely related to its energy demand. Currently, India’s energy consumption is roughly 5 million barrels per day and continues to rise steadily. To meet the rising demand, the Ministry of Petroleum & Natural Gas has made significant announcements to double its hydrocarbons exploration and production activity to increase output. In addition, to balance its COP26 commitments, the Government of India has also taken substantial steps to diversify its energy mix to develop its renewable energy sources and focus on emerging fuels.
MAKING ENERGY ACCESSIBLE, SECURE & AFFORDABLE FOR ALL
As one of the largest consumers of energy in the world, secure and affordable access to energy is imperative for India. India’s energy security policy has evolved in the last two decades to become more inclusive, taking into account political, economic, social and environmental issues and concerns. This is reflected in the aspiration and new initiatives announced by the Indian government to increase domestic activities, widen its engagement with multinational companies, recalibrating its regulatory policies, building its energy infrastructure, making pricing competitive to facilitate economic and environmental competence, and creating new opportunities for foreign investments in the energy sector. The ‘Make in India’ initiative is also a key step in making India a manufacturing hub and moving towards self-reliance.
PAVING THE WAY FOR NET ZERO: DECARBONISATION, ENERGY TRANSITION & ENVIRONMENTAL SUSTAINABILITY
India has set a new pathway of decarbonisation for the world. Unprecedented growth in renewables, the adoption of hydrogen, biofuels and technical innovations already see regions of India attain “net zero”, leapfrogging and saving billions in India’s energy pathways. India’s distinct energy model presents a potentially trailblazing path for developing economies around the world. The recent Budget announced the issuance of sovereign green bonds, as well as conferring infrastructure status to energy storage systems, including grid-scale battery systems.
TECHNOLOGY INNOVATION & TECHNOLOGY TRANSFER
The energy transition requires a sustained level of accelerated innovation across all elements of the energy value chain. The global nature of the challenges facing the energy industry means that global solutions are required, highlighting the need for greater collaboration and knowledge sharing. As India forges a new path towards achieving net-zero, the need for technological innovation and technology transfer has never been greater. In June 2021, India launched the Mission Innovation CleanTech Exchange, a global initiative that will create a whole network of incubators across member countries to accelerate clean energy innovation.
ENABLING PARTNERSHIPS TO DELIVER GROWTH
Aligning with its energy security and diversification goals, India has allowed 100% Foreign Direct Investment (FDI) in many segments of the energy sector, including natural gas, petroleum products and refineries, among others. FDI inflows in India’s petroleum and natural gas sector stood at US$ 7.98 billion between April 2000-March 2022. With the Government of India priortising ease of business, the Indian market is ripe for investments.
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