Current Affairs Brain Booster for UPSC & State PCS Examination
Topic: 4th India Energy Forum
Why in News?
- Prime Minister of India has inaugurated the 4th India Energy Forum CERAWeek. The theme of this edition was "India's Energy Future in a world of Change".
Outlook
- This year has been challenging for the energy sector. Energy demand fell by almost one third. There has been price instability.
- Investment decisions have been impacted. And there will be a contraction in global energy demand over the next few years also.
- But, several agencies project India to emerge as a leading energy consumer. India is set to nearly double its energy consumption over the long term.
- 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.
India’s Pro-active Measures
- India, view the energy sector as one that empowers people and furthers "Ease of Living". India has achieved 100% electrification. LPG coverage increased. These changes particularly helped our rural areas, our middle class and the women of India.
- In the last 6 years, more than 36 crore or 360 million LED bulbs were distributed. The cost of LED bulbs has also reduced 10 fold. In the last 6 years, Over 1.1 crore or 11 million smart LED street-lights were installed. These have enabled an estimated energy savings of 60 billion units per year.
- The estimated green-house gas emission reduction with this programme is over 4.5 crore or 45 million tonnes Carbon dioxide annually.
- Along with all this, we also saved around Rs 24,000 crore or Rs 240 billion annually. It is due to such interventions that reports have said that India is the most attractive emerging market for clean energy investment.
Key Pillars of India’s Energy Strategy
Rays of Sun brighten the journey of human progress. Like the seven horses driving the chariot of Sun god, India's energy map will have seven key drivers. These drivers of change are:
- Accelerating our efforts to move towards a gas-based economy.
- Cleaner use of fossil fuels particularly petroleum and coal
- Greater reliance on domestic sources to drive bio-fuels.
- Achieving the renewables target of 450 GW by 2030.
- Increasing the contribution of electricity to de-carbonize mobility.
- Moving into the emerging fuels including hydrogen
- Digital innovation across all the energy systems.
On-going Reforms
- Reforms in Exploration and Licensing Policy were put in place in February 2019. The focus has shifted from 'revenue' to 'production' maximisation.
- There is also focus on greater transparency and stream-lined procedures.
- India is planning to grow its refining capacities from about 250 to 400 Million Metric tonnes Per Annum by 2025. Increasing domestic gas production has been a key government priority.
- India is also planning to achieve 'One Nation One Gas Grid' and shift towards gas-based economy.
- The annual interaction has gradually become one of the most important gatherings of not only intellectual debate but also of executive action.
About the Forum
- India Energy Forum by CERAWeek, now in its fourth year, is hosted by IHS Markit.
- IHS Markit is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. Its headquartered is in London.
- IHS Markit works closely with governments and organizations in the Indian subcontinent across core sectors of energy & natural resources; automotive; financial markets, maritime & trade; and engineering & product design
