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India, only major economy close to meeting Paris Agreement goals: Report

Balancing the energy trilemma, the report shows that India's policy reforms have fostered stability, and accessibility and is on the track for green transition

Photo: Bloomberg

Photo: Bloomberg

BS Web Team New Delhi

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India has successfully managed the energy trilemma of availability, affordability, and sustainability, ensuring uninterrupted energy supplies for its citizens, Ministry of Petroleum & Natural Gas in a statement.

By effectively regulating consumer prices, India has shielded the general public from international price fluctuations, placing the country’s economy on track to meet its Paris climate agreement targets, the ministry said. 

According to the ministry, India is also actively transitioning towards a greener future through initiatives like biofuels, green hydrogen, and a gas-based economy.

"Recent reforms in gas pricing has resulted in a 10 per cent reduction in the average cost of piped natural gas (PNG) and a 6-7 per cent decrease in compressed natural gas (CNG) prices," the statement said.

A comparative analysis of international petrol and diesel prices vis-à-vis India is given below (Source: PIB).

Petrol (INR/ltr)
Country April22 April23 (%)
Bangladesh 77.03 96.92 26
Sri Lanka 65.85 85.12 29
Nepal 97.89 112.67 15
France 145.23 173.45 19.43
Italy 140.34 169.12 20.51
UK 127.02 148.15 16.63
India (Delhi) 105.41 96.72 -8
 
Diesel (INR/ltr)
Country April22 April23 (%)
Bangladesh 71.66 84.51 18
Sri Lanka 45.63 81.37 78
Nepal 87.16 110.77 27
France 143.63 161.27 12.28
Italy 139.04 157.95 13.6
UK 137.58 164.41 19.5
India (Delhi) 96.67 89.62 -7

India is committed to achieving "net carbon zero" by 2070 and expects its energy demand to grow by around 3 per cent annually until 2040, contributing significantly to global demand growth, highlighted the ministry.

Hardeep S Puri, Minister of Petroleum & Natural Gas said in the statment that India's dedication to energy security, ease of doing business, and energy transition. These reforms demonstrate India's commitment to ensuring stable, secure, and affordable energy supplies as it pursues its goal of becoming a $5 trillion and subsequently a $10 trillion economy.

Furthermore, India has enacted a green hydrogen policy with a target of producing 5 million tonnes of green hydrogen by 2030. The country has also launched a global alliance on biofuels in collaboration with the USA and Brazil during its presidency of the G20.

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First Published: May 25 2023 | 11:28 PM IST

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