High energy prices boosting energy transition: Hardeep Singh Puri

Union Minister Hardeep Singh Puri (File Image)

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on October 31 said high energy prices are leading to faster energy transition than originally envisaged.

Speaking at the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC-2022), Puri said that the shift to alternate energy sources is going to be faster on account of high energy prices.

Notably, ADIPEC, which is being hosted in Abu Dhabi, is an event that aims to provide insights into the latest trends affecting an evolving global energy system.

Commenting on the energy transition in India, Puri said that billions of dollars are coming in for the electric vehicle ecosystem. He added that India has reached the target of 10 percent ethanol blending in petrol and is now working towards achieving 20 percent blending.

“We have done the transition on biofuels. From 1.4 percent (ethanol blending), we have reached 10 percent blending and we going to 20 percent blending in the next two years, bringing the target of 2030 down,” the union minister said. The Government of India had in August advanced its target for achieving 20 percent ethanol blending in petrol by five years, to 2025.

Puri also informed that out of 3.5 million square of sedimentary basin in India, the country has already opened up 1 million square for international investments.