A ministerial panel discussion at the India Energy Week 2024 saw Union Minister of Petroleum and Natural Gas Hardeep Singh Puri calling for an “orderly transition” to green fuels, so that the world did not “suddenly” find itself without energy.
Held yesterday, on the inaugural day of IEW 2024 in Goa, the panel discussion, titled ‘Ensuring Energy Security for Nations and Industry in VUCA World’, had Puri sharing the stage with Saad Sherida Al-Kaabi, Minister of State for Energy Affair, Qatar; Vickram Bharrat, Minister of Natural Resources of Guyana; and Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC).
Expressing his thoughts on the subject of energy security, the Indian minister wrote on the platform X: “Investment in sustainable practices ensures the long-term resilience of our finite resources while mitigating unpredictable price volatility.”
The post added: “Transitioning to cleaner greener fuels is imperative for securing uninterrupted and sustainable energy access, which is vital for fostering global economic growth.”
On the stage, Puri said, “Today, I think the challenge before us is to make sure that the transition, which means travelling from this point to the next, is done in an orderly manner.”
Outlining how it should be, he said, “[The ideal scenario] is that we have access to traditional fuels, we are making steady and predicted transition to greener fuels, and that the world is not suddenly going to find itself without energy, because energy is the key driver of the kind of growth that we are having to grapple [with].”
A longer X post on the subject by minister Puri explained: “Energy functions as the vital force driving economies, propelling industrial expansion, fuelling households, & upholding the fundamental structures of societies.”
He said: “In a dynamic landscape characterised by fluctuations such as geopolitical tensions, natural disasters, economic shifts, & technological disruptions, or VUCA as ‘volatility, uncertainty, complexity, and ambiguity’ is collectively known, ensuring energy security becomes an indispensable component for all economies.”
‘India has successfully navigated the energy trilemma’
Specifically, about India, the minister wrote: “Due to these geo-political disturbances, while economies around the world have plateaued, India successfully navigated the energy trilemma of availability, affordability & sustainability; & has been experiencing a continuous surge in its economic growth; & aligned with it, a rapid increase in its energy demand as well.”
The post continued: “India’s pragmatic stance had a calming influence on global energy flows, a net contributor to global energy stability.
“India stands as world’s 3rd largest energy consumer, 3rd largest consumer of oil, 3rd largest LPG consumer, 4th largest LNG importer, 4th largest refiner and 4th largest automobile market in the world.”
Puri predicted in this post: “India’s current oil consumption is around 5 million barrels per day & it is only a matter of time before it becomes 6-7 million barrels a day. India is likely to account for 25% of global energy demand growth over the next two decades.”