India's decarbonisation efforts lauded at Energy Week: Oil India CMD

De-carbonisation via electric vehicles and hydrogen is among the four verticals in India's strategy for the energy sector, he said

India's efforts at decarbonization were lauded during events at the India Energy Week with participants noting the green economy, green hydrogen, and biofuels emphasized in the union budget presented on February 1.

CMD, Oil India, Ranjit Rath said there is huge interest in India's initiatives towards decarbonisation in its green growth march. De-carbonisation via electric vehicles and hydrogen is among the four verticals in India's strategy for the energy sector.

"Leaders from the oil sector in India and across the world met the PM. PM appreciated the suggestions by international oil agencies. Everybody focused on India's effort for decarbonisation. PM highlighted the green budget for this year," he said.

Lauding the unprecedented possibilities in the energy sector outlined by Prime Minister Narendra Modi in his address at India Energy Week, global energy CEOs said that India is emerging as the most attractive place for the exploration of oil and gas with the country poised as a global bright spot.

Shrikant M Vaidya, Chairman, of Indian Oil Corporation referred to green initiatives in the union budget.

"The recent Budget has emphasized on the green economy, green hydrogen, biofuels and this is the way the Prime Minister has given the push for net zero economies," Vaidya said.

The three-day event has brought together leaders from the traditional and non-traditional energy industry, governments, and academia to discuss the challenges and opportunities in the energy sector.

In his remarks at the inaugural event, the Prime Minister underlined the major role of the energy sector in setting the direction of the future of the 21st-century world.

"India is one of the strongest voices in the world for energy transition and for developing new resources of energy. Unprecedented possibilities are emerging in India that is moving with a resolution of a Viksit Bharat", he said.

Referring to the recently released IMF projections of India being the fastest-growing major economy, PM Modi further added that India has continued to be the global bright spot in the world stricken with the pandemic and the era of war in 2022.