On Tuesday, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, announced that India could reduce its import bill by ₹91,000 crore by increasing biofuel blending, with the potential savings aimed at benefiting the agricultural sector.
During the inauguration of the 27th Energy Technology Summit in Bengaluru on Tuesday, the Union Minister emphasized that India has achieved the global milestone of securing second place in biofuel blending, showcasing the country's leadership in sustainable fuel initiatives.
"As a result of Govt. of India's biofuel initiatives, we have saved Rs 91,000 crore in import bills parallelly giving a much-needed boost to the agriculture sector," he added.
He expressed confidence that India will achieve the target of 20 percent biofuel blending by next year, much ahead of the schedule. As our refineries take to green energy, the country will succeed in the goal towards green hydrogen, the Minister said.
He said India's crude oil refining capacity has reached 400 to 450 million metric tons per annum, which is one-third of the global average.
India's refining growth, combined with its integration of petrochemicals, positions the country for a flexible and efficient energy transition. Highlighting the role of digital innovation, the Minister referenced a BCG report that predicts India's Artificial Intelligence market will reach USD 70 billion by 2027, emphasizing the potential of digitalization to enhance efficiency in energy operations.
The Minister also noted that India's energy demand is expected to grow by two and a half times by 2047. He stated that the nation must intensify its efforts to meet the target of net-zero carbon emissions by 2070.
The Union Minister upheld ETM-2024 as a platform to bring together Energy Security, Sustainability, and Technological innovation. Referring to International Energy Agency (IEA) figures, the Minister mentioned that the nation's energy needs are expected to grow by 2.5 times by 2047.
The three-day Energy Technology Meet has been organized by the Centre for High Technology and Indian Oil Corporation Limited. 1200 participants are attending the Meet, in which 60 papers will be presented.
About 23 Exhibitors will be showcasing their latest technologies. The Minister distributed the best energy-efficient technology awards instituted by the Petroleum and Natural Gas Ministry for the year 2023-24.
Additionally, India is expected to account for 25 per cent of the overall global growth in energy demand in the next two decades.
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