Oil Companies Investing in Clean Energy, Says PM Modi

In his speech at the 16th International Energy Forum Ministerial Meeting held in Delhi, PM said, “Today, oil companies are also investing in wind and solar capacities, gas infrastructure, and also thinking in the direction of investing in Electric Vehicle and Storage areas.”

The Prime Minister Narendra Modi has stressed on the need to shift from conventional sources of energy to clean energy.

In his speech at the 16th International Energy Forum Ministerial Meeting held in Delhi, PM said, “Today, oil companies are also investing in wind and solar capacities, gas infrastructure, and also thinking in the direction of investing in Electric Vehicle and Storage areas.”

The supply paradigm is also changing because the solar Photo-Voltaic has become more economic compared to all other energy resources, he added.

Calling it four pillars of energy PM shared a vision of energy future of India and said, “Given global un-certainties, India also needs energy security. My vision for India’s energy future has 4 pillars– energy access, energy efficiency, energy sustainability and energy security.”

“India’s energy consumption will grow by four point two percent a year for the next twenty-five years,” he added.

PM also stressed on the India’s commitment to combat climate change and called International Solar Alliance a step towards its fulfillment.

“As a responsible global member of the comity of nations, India is committed to combating climate change, curbing emissions and ensuring a sustainable future. The launch of the International Solar Alliance is a step towards fulfilling this commitment,” he said.

Modi also said that, coal may gradually go out of favour as a major contributor to primary energy in the first world and later in developing countries.