Page 54 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Additionally, NTPC started a trial run of a hydrogen bus in Leh recently towards achieving its renewable
energy targets and carbon neutrality in Ladakh. The company is further setting up a hydrogen fuelling
station and solar plant along with five fuel cell buses for operation on intracity routes in Leh.

India stands as a global voice of reason in its commitment to the pursuit of a sustainable energy future:
Shri Pralhad Joshi

Emphasizing India’s significant progress in green shipping and energy transition, Union Minister of New
and Renewable Energy, Shri Pralhad Joshi, delivered the keynote address at the Hamburg Sustainability
Conference in Germany on 7th October 2024. The Minister remarked that that India stands as a global
voice of reason in its commitment to the pursuit of a sustainable energy future that aligns with our growth
ambitions and environmental responsibilities.

Addressing the conference, Union Minister highlighted India’s energy transition and noted that India has
achieved significant milestones in its shift to renewable energy. "India is the only G20 country to have met
its climate targets ahead of schedule, despite having the lowest per capita emissions among G20 nations,"
he remarked. He emphasized that energy security and access remain paramount for India, but this has
never hindered the nation’s commitment to energy transition on both national and global scales.

In this address, Union Minister Joshi noted that under the leadership of Prime Minister Narendra Modi,
India has witnessed a transformative increase in its renewable energy capacity since 2014, with a 175%
rise from 75 GW to over 208 GW today. Total RE increased from 193.5 billion units to 360 BU, marking an
86% rise during this period. Solar energy capacity has also grown 33 times in the last 10 years. Shri Joshi
also emphasized that International Solar Alliance, supported by over 100 countries, demonstrates India’s
leadership in global efforts to combat climate change through solar energy.

The Minister also drew attention to India’s cultural heritage, noting that the concept of sustainability is
deeply rooted in Indian tradition. He recited the Gayatri Mantra from the Rigveda, underlining India's
ancient belief in the harmony between mankind and nature.

Green Shipping Initiatives:

Addressing the theme of Green Shipping, Shri Joshi emphasized the crucial role of the maritime sector in
global trade and its impact on greenhouse gas emissions. He stated, “As we progress towards achieving
net-zero emissions, the necessity for sustainable maritime transport has become very important. India is
making significant strides in the green shipping sector, driven by government initiatives, technological
advancements, and international collaborations.”

The Minister detailed how Indian shipyards are being modernized and older dockyards are being
evaluated for reopening to expand green shipbuilding capacity. "India is becoming a promising hub for
green shipbuilding," he noted, citing the government’s strong emphasis on alternative fuels and
renewable energy sources like biofuels and wind power. India is upgrading its port infrastructure to
support green shipping fuels and vessels using hybrid models, with the goal of ranking among the top five
shipbuilding nations by 2047.

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