India Energy Week

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Context:

The Prime Minister, Shri Narendra Modi inaugurated the India Energy Week (IEW) 2023 in Bengaluru.

India Energy Week:

Held under the patronage of the Ministry of Petroleum & Natural Gas, Government of India, India Energy Week is the only and all-encompassing international energy event supported at the highest level of Indian government, with participation from all the Public Sector Undertakings (PSUs), and officially supported by the Federation of Indian Petroleum Industry (FIPI).
Thus, India Energy Week is the leading global platform for innovation, ideas and investment to accelerate the world’s energy transition in a secure and sustainable way.

IEW 2023:

Over 1,000 exhibitors from over 50 countries are coming together in Bengaluru at a pivotal time for the energy industry, to forge new partnerships, build relationships and do business.
The exhibition will embody India’s energy ambitions, providing a platform for key energy companies from across the energy value chain to showcase the latest products, services, and initiatives.
India Energy Week is exhibiting companies including energy producers, integrated energy companies, service providers, EPC contractors, technology companies, financial organizations, utility and power generation companies from across the oil, gas, alternative and renewable value chain.

Highlights of 2023 Energy Week:

India-the most opportune place

Prime Minister Narendra Modi urged global investors to explore investment opportunities in the country's energy sector, saying India is the most opportune place at present.

‘Unbottled’ initiative

The Prime Minister launched the uniforms under the ‘Unbottled’ initiative of Indian Oil.
To phase out single-use plastic, IndianOil has adopted uniforms for retail customer attendants and LPG delivery personnel made from recycled polyester (rPET) & cotton.
Each set of uniforms of IndianOil’s customer attendant shall support recycling of around 28 used PET bottles.
IndianOil is taking this initiative further through ‘Unbottled’ - a brand for sustainable garments launched for merchandise made from recycled polyester. Under this brand, IndianOil targets to meet the requirement of uniforms for the customer attendants of other Oil Marketing Companies, non-combat uniforms for the Army, uniforms/ dresses for Institutions & sales to retail customers.

Twin-cooktop model of the IndianOil’s Indoor Solar Cooking System

He also dedicated the twin-cooktop model of the IndianOil’s Indoor Solar Cooking System and flagged off its commercial roll-out.

Budget for Green Hydrogen, Solar Power, and Road Sectors

The Budget (for 2023-34) has provided Rs 10 lakh crore for capital expenditure, which will give a boost to green hydrogen, solar power, and road sectors.

Net-Zero Target

Several initiatives are being taken by the government to promote green energy and make India net zero by 2070. The budget 2023-24 has provided Rs 35,000 crore to the petroleum and natural gas ministry for achieving the net-zero target.

Final Thoughts:

India Energy Week comes at a critical time, with the challenges of energy security and environmental sustainability impacting long-term energy transition, and paths towards decarbonization.
As a rapidly developing country, and soon to be the world’s most populous nation, India’s energy transition will play a pivotal role in global energy markets.