Current volatile energy markets have sparked reappraisal of energy policies: Puri

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri

Current volatile energy markets have sparked a reappraisal of energy policies and priorities and have profoundly reoriented international energy trade, said Union Minister for Petroleum and Natural Gas Hardeep Singh Puri.

Speaking at a G20 event, Puri said current trends are prompting governments to pay closer attention to the resilience and diversity of clean energy supply chains.

The government is pushing for a green economy in the country due to the recent energy crisis amid the Russia-Ukraine war and to meet its net-zero targets by 2070.

The oil minister added that the volatility in the energy markets has also led to the questioning of the viability of previously well-established flows of oil and gas.

Puri said that India is going to account for a significant share of global energy demand in the coming years.

“India will account for approximately 25 percent of global energy demand by 2040. The response to this demand has to be anchored in sustainability,” he said.

Puri said despite multiple turmoils in the energy sector, the government of India has taken several measures to maintain energy security for its citizens.

“These include diversification of supplies, increase of alternate energy sources like Biofuels, CBG, increasing E&P footprint along with focus on domestic production; and meeting energy targets through EVs & Hydrogen,” the minister said.