India is "spending a lot of money" on the energy sector, the green hydrogen mission will "pave the way" for New Delhi to do this.

Prime Minister Narendra Modi announced on February 6 that the country will see $67 billion in investment in its natural gas supply chain over the next five to six years - part of a “record” inflow of money into the energy sector.

India's world-beating economic growth is fueling a surge in energy demand. Pictured: Hindustan Petroleum's Barmer refinery project in India. (Source: Indian Chemical News)

Speaking at the opening ceremony of India Energy Week (IEW) 2024 in Goa, Prime Minister Modi said that the above "huge" investment is part of the total of more than 132 billion USD announced in the 2024 interim budget for infrastructure.

According to the Indian leader, the government's reform programmes are leading to an increase in domestic natural gas production as part of a broader target of raising the fuel's share in the energy basket to 15% by 2030, from the current 6.3%.

Natural gas is seen as a transition fuel as New Delhi moves towards a target of net zero carbon emissions by 2070.

According to Prime Minister Modi, India's world-beating economic growth rate is driving soaring energy demand.

“India is the world’s third largest consumer of energy, oil and liquefied petroleum gas (LPG), the fourth largest importer of liquefied natural gas (LNG), and the fourth largest automobile market,” he cited.

The South Asian nation's energy demand is estimated to double by 2045.

The Indian government is working to set up 5,000 biogas plants from agricultural and municipal waste.

“Despite being home to 17% of the world’s population, India’s carbon footprint is just 4%. We are committed to further improving our energy mix by focusing on environmentally-sensitive energy sources,” said Prime Minister Modi.

New Delhi ranks fourth in the world in terms of installed renewable energy capacity, accounting for 40% of the country’s installed capacity. Over the past decade, solar power installations in the South Asian country have increased more than 20-fold.

On the green hydrogen sector, the head of the government asserted: “The national green hydrogen mission will ‘pave the way’ for India to become a hydrogen production and export hub. The country’s green energy sector can make both investors and industries a sure winner.”

Calling on global investors to seize the opportunity to invest in India's fastest growing energy market, Mr. Modi said: "Together, we can build a prosperous and environmentally sustainable future."

Source: https://baoquocte.vn/an-do-bao-tay-chi-khung-cho-linh-vuc-nang-luong-su-menh-hydro-xanh-se-mo-duong-cho-new-delhi-lam-dieu-nay-260273.html