Page 51 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

As a member of the Hub, India will benefit from opportunities for collaboration with other member states,
sharing its own expertise and learning from international best practices. The country will also contribute
to global efforts to address climate change by promoting energy-efficient technologies and practices.

Bureau of Energy Efficiency (BEE), the statutory agency, has been designated as the implementing agency
for the Hub on behalf of India. BEE will play a crucial role in facilitating India's participation in the Hub's
activities and ensuring that India's contributions align with its national energy efficiency goals.

By joining the Hub, India is taking a significant step towards more sustainable future. The country's
participation in this global platform will help to accelerate the transition to a low-carbon economy and
improve energy security.

Shri Manohar Lal addresses Brainstorming Session on the Indian Power Sector Scenario 2047

Union Minister Shri Manohar Lal addressed Brainstorming Session on the Indian Power Sector Scenario
2047 in New Delhi. At the two-day Brainstorming Session on the Indian Power Sector Scenario 2047 Union
Minister for Power and Housing & Urban Affairs, Shri Manohar Lal, outlined the government's strategy to
meet the country's burgeoning energy needs while transitioning to cleaner sources of power.

"By 2047, we anticipate our power demand to reach 708 gigawatts. To meet this, we need to increase our
capacity by four times, i.e. 2,100 gigawatts," Union Minister Manohar Lal stated, highlighting the scale of
the challenge ahead. "This is not just about increasing capacity; it's about reimagining our entire energy
landscape."

The Union Minister emphasised the critical role of renewable energy in India's future power mix. "We
have set an ambitious target of 500 GW of non-fossil energy capacity by 2030, effectively doubling our
current capacity," he said. This push towards green energy aligns with India's commitment to reducing
carbon emissions by one billion tonnes by 2030 and achieving net-zero emissions by 2070.

Shri Manohar Lal praised the CEA for its pivotal role in shaping the sector's future, citing the National
Electricity Plan, which was launched at the session. "This plan will provide crucial guidance to state
governments and investors, fostering a collaborative approach to sector development," he noted.

The National Electricity Plan (Transmission), developed in consultation with various stakeholders, outlines
a comprehensive strategy to achieve the government's energy transition goals. It details the transmission
infrastructure required to support 500 gigawatts of renewable energy capacity by 2030, increasing to over
600 gigawatts by 2032. The plan incorporates innovative elements such as the integration of 10 gigawatts
of offshore wind farms, 47 gigawatts of battery energy storage systems, and 30 GW of pumped storage
plants. It also addresses the power needs of green hydrogen and green ammonia manufacturing hubs,
and includes cross-border interconnections. With a planned addition of 190,000 circuit kilometres of
transmission lines and 1,270 GPA of transformation capacity over the next decade, the plan presents an
investment opportunity of over 9 lakh crore rupees in the transmission sector.

October 2024 Page | 50