Underlining India's steadfast commitment to sustainability, the Union Petroleum Minister of India, Hardeep Singh Puri, emphasised the need for the country to transition to sustainability without compromising the delivery of basic welfare to its large population
Hardeep Singh Puri, Union Petroleum Minister, emphasised India's steadfast commitment to sustainability and green energy transition during a themed 'Energy amid Rivalry' session at the World Economic Forum in Davos.
In the face of global crises, Puri highlighted that India remains resolute in delivering basic welfare to its large and growing population without compromising its dedication to sustainability.
Addressing the challenges the world is currently grappling with, Puri asserted, "In these new challenges that arise and how we face them, there is a global commitment. We have not allowed our domestic preoccupations in any way to undermine or dilute our commitment to sustainability."
As the world's third-largest oil importer and consumer, India relies on crude oil from various global sources to meet domestic demand. Puri acknowledged the necessity of transitioning to sustainability for a country of India's scale, emphasising that economic growth, developmental challenges, and a rapidly growing population necessitate this shift.
With India's economy nearing USD 4 trillion and being the fastest-growing large economy, Puri informed the World Economic Forum that India witnessed a growth rate of over 7 percent in the past three quarters. He noted, "Today, what happens in India is important for the rest of the world."
Highlighting India's significant role in global energy demand, Puri stated, "If you look at the global scenario today, India's consumption is growing at three times the global average. In the next 20 years, India will account for 25 percent of the energy demand globally."
Puri also touched upon India's pragmatic decisions in the face of rising oil prices, averting a potential crisis. He emphasised that India's commitment to sustainability remains intact, citing initiatives such as the biofuel and green hydrogen programmes.
India's dedication to environmental responsibility was further emphasised as Puri referenced the ambitious "Panchamrit" pledge made at COP26 in 2021. The five-part pledge includes reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, reducing emissions by 1 billion metric tonnes by 2030, decreasing the emissions intensity of GDP by 45 percent, and committing to net-zero emissions by 2070.
Puri highlighted India's proactive approach in the face of new challenges, reinforcing its commitment to a sustainable and resilient future.