Government Intervention Key to Wider Adoption of Clean Fossil Fuel, Say Industry Leaders at India Energy Week 2024

India Energy Week 2024

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New Delhi: At the India Energy Week 2024 in Goa, industry leaders converged to discuss the imperative role of government intervention in ensuring affordable pricing and infrastructure alignment for the wider adoption of liquefied natural gas (LNG) as a clean fossil fuel.

Akshay Kumar Singh, MD & CEO of Petronet LNG, emphasized that achieving India’s target of increasing the natural gas share in the total energy mix to 15% by 2030 hinges on affordability and infrastructure synchronization. Singh highlighted pricing as a significant impediment, urging careful calibration to prevent high prices from deterring consumers.

Singh underscored the potential of LNG to substitute a significant portion of imported crude oil, with India currently importing around 45% of its LNG. He advocated for government intervention, particularly in implementing concessional taxation, to facilitate large-scale LNG adoption.

Sukhmal Jain, Director (Marketing) of BPCL, echoed Singh’s sentiments, emphasizing the necessity of aligning cost, supply efficiency, and taxation for natural gas promotion. He stressed that natural gas adoption was vital for India’s aspirations to join the league of developed nations.

Andrew Barry, Chairman of ExxonMobil LNG Market Development, highlighted LNG as a complementary partner to renewable energy, mitigating intermittency issues faced by solar, wind, and hydro energy sources. He also identified the cost of building LNG infrastructure as a significant challenge.

The India Energy Week 2024, aimed at catalyzing India’s energy transition goals, serves as a platform for discussions among global energy stakeholders. With participation from Energy Ministers of 17 countries, over 35,000 attendees, and more than 900 exhibitors, the event underscores the importance of collaboration in shaping the future of energy.

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