By 2040, according to Union Minister for Petroleum and Natural Gas Hardeep Singh Puri, India would become a significant hub and exporter / significant supplier of green hydrogen, meeting both domestic and international demand.
Speaking at the CII Annual Session 2023, the minister predicted that India’s energy demand will account for 25% of the increase in world demand over the next 20 years and that it would continue to grow at a high rate.
He added that oil and gas exploration and production in the nation would increase “exponentially” along with the rise in greener fuels.
The minister cited the recent decision by OPEC and its allies, commonly referred to as OPEC+, to proceed with additional production cuts and said that while there were worries that the action would lead to a surge in global crude prices, it did not happen because several OPEC member countries did not proceed with the committed production cuts to avoid revenue losses.
About accessibility, affordability, and sustainability, he added, “India’s energy sector is currently experiencing a trilemma, and it is imperative to find solutions to address these issues.”
According to him, India cannot afford even a slight disruption in supply availability due to its size and complexity. Additionally, he noted, affordability must be given top priority since accessibility is useless without affordability. Sustainability is the third crucial area of concern, according to Puri.
Puri elaborated on the necessity of affordable and accessible electricity supplies, saying, “In India, you can’t afford to suddenly raise prices.” He continued by saying that although India sets its prices according to market principles, it still requires some sort of managed price mechanism.
According to the minister, affordability must come first since accessibility is useless without affordability.
The minister added that India has already greatly lowered the cost of solar electricity per unit, but that green hydrogen, or the fuel of the future, will be the key to further success in the energy innovation field.
According to him, the government has already created a successful environment for green hydrogen through the national green hydrogen mission.
Source: Live Mint
For More Updates, Follow GH2 Solar on LinkedIn