India

IEF ’18: Energy sector key to India’s economic growth, says Swaraj

IEF ’18: Energy sector key to India’s economic growth, says Swaraj

New Delhi : External Affairs Minister (EAM) Sushma Swaraj on Thursday underscored that the energy sector was a key engine for an increment economic growth of the country.

Delivering the valedictory speech at the 16th edition of International Energy Forum (IEF) Ministerial Meeting, Swaraj said, “Oil and gas are strategic commodities. Energy is a key engine of our economic growth. We are focusing on renewable energy. We are also focusing towards incremental growth in the area of energy.”

Swaraj also said that when India and France co-founded the International Solar Alliance (ISA) in 2016, both the countries wished to promote solar energy on a global scale.

“The ISA is now a reality today due to efforts by India and France. Energy is a key element of diplomatic engagement and outreach. Geopolitics is a complex and an evolving subject. But geopolitics of oil much more complex,” she said.

The EAM added that India was working to promote climate justice in order to protect the poor and vulnerable from adverse impacts of climate change.

“We have launched policies for them for ensuring access to clean forms of energy. We expect the world to share technology know-how to achieve the sources of clean energy,” Swaraj said.

She further said that India had recently launched the world’s largest renewable energy expansion programme, wherein the country was expected to generate 175 GW of electricity by 2022.

Expressing concerns over the rising use of non-renewable fuels, Swaraj added that the Central government wished to increase the percentage of current natural gas shares from 6.5 percent in 2017-18 to 15 percent by 2022.

The EAM also pressed for the introduction of biofuel and other clean fuels of energy in the transport and domestic sectors respectively.

Swaraj went on say that India was now an attractive destination for investment in the oil and gas sector and was making efforts in developing energy infrastructure in its neighbouring countries for ensuring better standards of living.

On Wednesday, in his opening address at the IEF summit, Prime Minister Narendra Modi observed the increasing energy demands of the world and the economies’ gradual shift to green energy and energy efficiency in accordance with the climate change agenda based on the Paris Agreement.

He also stressed on moving to transparent market for both oil and gas, with the view to serve the energy needs of humanity in an optimal manner.

The three-day forum, which concluded today, saw the participation of 92 countries, discussing on the future of global energy. (ANI)