Monday, March 04, 2024

DD News

October 10, 2023 4:48 PM IST

India accelerates Biofuel blending targets, forecasts continued energy demand growth

Hardeep Singh Puri | Energy Sector | Biofuel Blending | Energy Demand | Energy Technology Meet | Refining | Petrochemicals | India | Sustainability | INNOVATION | Green Energy

India’s remarkable progress in the green and clean energy sector took center stage at the 26th Energy Technology Meet, where Minister Hardeep Singh Puri, the Minister of Petroleum & Natural Gas and Housing & Urban Affairs, shared significant developments and ambitious goals.

In a noteworthy achievement, Puri revealed that India had achieved its 10 percent biofuel blending target five months ahead of schedule in November 2022. Furthermore, the nation has accelerated its 20 percent biofuel blending target, initially set for 2030, now aimed to be achieved by 2025.

Addressing the challenges of availability, affordability, and sustainability in the energy sector, Minister Puri emphasized India’s unwavering commitment to sustainability and its rapid progress in the field. He explained that the previous 20 percent limit on blending was due to concerns from automobile manufacturers, who believed minimal engine adjustments were necessary. However, India has now reached 20 percent blending, with the establishment of ethanol and biogas plants underway, and automotive companies advancing their technology.

Puri noted India’s rising energy demand, underscoring its role as the world’s third-largest consumer of oil, third-largest LPG consumer, fourth-largest LNG importer, fourth-largest refiner, and fourth-largest automobile market. He highlighted that India is poised to contribute 25% of global energy demand growth in the next two decades.

The launch of the Biofuels Alliance is expected to boost the global biofuel market from $92 billion to $200 billion shortly. Puri emphasized that the true story of biofuels is just beginning, with 10 percent ethanol blending already resulting in significant import bill savings, expected to increase further with 20 percent blending.

Minister Puri concluded by stating that a country’s growth can be determined by its energy consumption, which in India’s case, is three times the global average. He called for more gatherings like the Energy Technology Meet to encourage international collaboration and knowledge sharing.

The 26th Energy Technology Meet, organized by the Centre for High Technology under the Ministry of Petroleum & Natural Gas, took place from October 9 to 11, 2023, in New Delhi, with co-hosts Engineers India Limited (EIL) and Numaligarh Refinery Limited (NRL).

During the event, Refinery Performance Improvement & Saksham Awards for FY 2022-23 and Innovation Awards were presented to winners. The event’s theme, “Emerging Energy Trends & Future of Refining,” addressed the evolving global energy landscape and its impact on India’s refining sector.

The convention featured 27 technology service providers from around the world, showcasing recent technological advances in the energy sector. With over 1300 delegates from India and abroad, the event served as a vital platform for discussing advances and developments in energy, refining, and petrochemicals sectors.

Copyright © 2024 DD India. All rights reserved

Visitors: 546165

Last updated on: 3rd March 2024