Crude oil price increase to aid transition to green energy

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The surge in global crude oil prices augured well for green energy, according to union petroleum minister Hardeep Singh Puri. The minister said so during the India Energy Week in Bengaluru. Puri pointed out that last year when prices shot rooftop the transition to green energy was quick.

Puri said that globally India was the third largest consumer of crude oil. The country depended on imports to meet its domestic needs. He added that the increase in oil prices put pressure on India, leading to high inflation and a current account deficit.

The minister said that India had always pitched for responsible pricing to safeguard the interests of both oil producers and consuming nations. He said that he had been invited by the Organization of Petroleum Exporting Countries (OPEC) to its next meeting. He would vouch for India’s needs when he meets some of the major oil producers in the world.

The minister said that for a long time, he had been advocating for a gradual switch over to green forms of energy instead of it happening all of a sudden. Conventional energy sources which were cost-effective would be crucial for meeting base load requirements. Innovative energy sources on the other hand would be important in combating climate change, he said.

Puri clarified further that there was no conflict of interest in energy transition and fossil fuels. According to the minister developing nations such as India faced immense problems when leading oil producers cut their output to keep prices elevated.

To reduce its carbon footprint and simultaneously reduce dependence on imported fuels the government had come up with an ambitious roadmap for a green energy transition. Attaining a net zero emission was a part of this master plan, he said. The minister added that India would meet its climate goals and transition to clean energy in a realistic and durable manner.