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PetroFed signs MoU with TERI to undertake a study on Climate Change Risks

Capital Market 

PetroFed, an apex society of entities in the Hydrocarbon sector, today signed a Memorandum of Understanding (MoU) with TERI to undertake study on Climate Change Risks: Preparedness for Oil and Gas Sector.

Lauding the initiative, Sh. Pradhan said that it will provide a missing link between the policy and the practice in the Hydrocarbon sector. He said Cop 21 will come into effect soon and it is important for the country to know the effects of greenhouse gases and ways to control them.

Cop21-The 2015 United Nations Climate Change Conference, COP 21 or CMP 11 was held in Paris, France, from 30 November to 12 December 2015. It was the 21st yearly session of the Conference of the Parties (COP) to the 1992 United Nations Framework Convention on Climate Change (UNFCCC) and the 11th session of the Meeting of the Parties to the 1997 Kyoto Protocol.

The conference negotiated the Paris Agreement, a global agreement on the reduction of climate change, the text of which represented a consensus of the representatives of the 196 parties attending it. The agreement will enter into force when joined by at least 55 countries which together represent at least 55 percent of global greenhouse emissions. On 22 April 2016 (Earth Day), 174 countries signed the agreement in New York, and began adopting it within their own legal systems (through ratification, acceptance, approval, or accession).

The Minister said that India is a low per capita energy consumer but as the country is moving towards double-digit growth rate, its energy consumption is bound to increase. The Government is focusing on gas, renewable energy and bio-energy to meet its requirements. It is important to understand the implications of various energy sources and to develop an Indian model for the nation's energy sector.

Sh. Pradhan emphasised on scientific research, appropriate business models and creation of awareness among the people. He said that this study will provide important inputs for future strategy on oil and gas infrastructure development. He stated that the study will also provide a comprehensive analysis of threats posed by Climate change to Oil & Gas sector and shall provide a way forward to tackle the challenges posed by climate change. The study will suggest suitable measures for the Oil & Gas sector to achieve India's INDC target of reducing emission intensity of GDP by 33 - 35 per cent below the levels in 2005 by 2030.

The study would further highlight how the global market and technological options are likely to change as a result of global climate policy measures; and how the 1.5 degree and 2 degree scenarios of global warming are likely to affect the infrastructure and operations in different climatic zones of India.

The Minister said the share of gas in the Indian energy basket is 6.5 to 7 per cent while the world average is 24 per cent. India aspires to take the share of gas to 15 per cent in the next 3 to 5 years so as to have a new gas based economy. He said 80 lakh connections have been provided under the Prime Minister Ujjwala Yojana to BPL women and target of 1.5 crore will be achieved this year. The Minister said the country will zoom from BS IV to BS VI by 2020 so as to have clean fuel. He said there is a large scope of energy efficiency in Indian Refineries. On the issue of 2G Ethanol, Sh. Pradhan said Public Sector Companies are setting up 11 plants to manufacture 2G Ethanol. He said the Government wants to promote the LNG as a fuel for vehicles. Efforts are being made to have LNG driven bus in Kerala very soon. Long haul driven vehicles and trains would also adopt LNG as fuel. The LNG handling capacity is being enhanced from 21 MMT to 50 MMT. In Eastern India, the Government is laying 2500km long pipeline which will provide gas to industry and help in gas distribution in 7 cities of Eastern India.

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First Published: Fri, October 14 2016. 09:38 IST