- Launches uniforms under the ‘Unbottled’ initiative of Indian Oil
- Dedicates twin-cooktop model of the IndianOil’s Indoor Solar Cooking System
- Launches E20 fuel
- Flags off the Green Mobility Rally
Prime Minister Narendra Modi inaugurated the India Energy Week (IEW) 2023 in Bengaluru on 6th February. During the event, PM Modi launched several initiatives aimed at promoting sustainable energy solutions in the country.
Unbottled Initiative of Indian Oil
PM Modi launched the 'Unbottled' initiative of Indian Oil, which involves the creation of uniforms made from recycled PET bottles. This initiative is aimed at promoting sustainability and reducing plastic waste in the country.
IndianOil’s Indoor Solar Cooking System
PM Modi dedicated the twin-cooktop model of the IndianOil’s Indoor Solar Cooking System, which provides a clean and sustainable source of energy for cooking. This system utilizes solar energy and is aimed at reducing dependence on traditional fossil fuels for cooking purposes.
Launch of E20 Fuel
PM Modi launched E20 fuel at 84 retail outlets of Oil Marketing Companies in 11 States/UTs. E20 is a blend of 20% ethanol and 80% gasoline, aimed at reducing carbon emissions and promoting sustainable energy solutions in the country.
Watch the full speech of the Prime Minister | TICE TV
Green Mobility Rally
PM Modi also flagged off the Green Mobility Rally, where vehicles powered by green energy sources will participate to create public awareness about green fuels and sustainable mobility solutions.
A Vision for India's Self-Reliant Future
Prime Minister Modi also emphasized on the importance of self-reliance in the energy sector.
He noted that India's share of global oil demand is expected to rise from 5% to 11% and gas demand is expected to rise up to 500%. He also highlighted the role of the energy sector in realizing the aspirations of the Indian citizens and creating new opportunities for investment and collaboration.
The Prime Minister explained four key strategies for the energy sector, which include:
- Increasing domestic exploration and production of oil and gas.
- Diversifying energy supply by promoting alternative fuels like biofuels, ethanol, compressed biogas, and solar energy.
- Expanding the use of electric vehicles and hydrogen to reduce carbon emissions.
- Making the refining capacity in India indigenous, modern, and upgraded.
He mentioned that India is the fourth largest country in terms of refining capacity and efforts are underway to increase capacity to 450 MMTPA.
Addressing the Gathering
In his address, PM Modi extended condolences for the death and devastation in Turkey and neighboring countries.
He highlighted that Bengaluru is a city known for its technology, talent, and innovation and that the India Energy Week is the first significant energy event of the G20 calendar.
PM Modi underlined the important role of the energy sector in setting the direction of the future of the 21st century. He stated that India is one of the strongest voices in the world for energy transition and for developing new sources of energy.
Fastest-Growing Major Economy
PM Modi mentioned that according to recent IMF projections, India is the fastest-growing major economy in the world and has continued to be a bright spot despite the ongoing pandemic and war in 2022. He credited the internal resilience of India, which has been enabled by stable and decisive government, sustained reforms, and socio-economic empowerment at the grassroots level.
Energy Demands on the Rise
PM Modi emphasized the need and demand for energy in India in the near future. He cited the International Energy Association, which predicts that India's energy demands will be the highest in the present decade, presenting an opportunity for investors and stakeholders in the energy sector. India's share of global oil demand is expected to rise from 5% to 11%, while its gas demand is expected to rise to 500%.
PM Modi's initiatives launched at the India Energy Week 2023 demonstrate the government's commitment to promoting sustainable energy solutions in the country. These initiatives are aimed at reducing dependence on traditional fossil fuels, promoting alternative energy sources, and reducing carbon emissions. The energy sector in India presents ample opportunities for investment and collaboration, as the country continues to grow and develop.