India committed to clean energy targets despite turbulence in global oil markets: Minister Puri



India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri on Friday, September 7, assured Industry Executives at the US Chamber of Commerce that despite the current turbulence in global oil markets India will remain steadfast on its commitment to clean energy targets.

Puri, after attending the bilateral energy ministerial with US Secretary of Energy Jennifer Granholm, discussed US-India Energy Cooperation with industry executives at the US Chamber of Commerce.

While speaking at an Executive Roundtable at the US Chamber of Commerce building in Washington DC, hosted by the US-India Business Council (USIBC) and the Global Energy Institute (GEI), the minister asserted: “I come here with one message: no matter what the uncertainty in international markets, it’s not going to result in India diminishing its commitment to the energy transition.”

Minister Puri pointed to the Indian government’s recent moves to remove restrictions on the sale of crude in the domestic market and encouraged global energy firms to expand exploration and production in India.

Since October 1, the government has allowed oil field operators to sell locally produced crude in the domestic market without restrictions. Earlier, Exploration and Productions (E&P) companies had to sell crude to a government intermediary. Minister Puri signaled that the government is committed to offering pricing freedom for E&P firms while addressing the needs of availability and affordability.

He also highlighted India’s leadership in developing green hydrogen, alternative fuel, and energy storage technologies.

Government officials who attended the roundtable with Puri included Taranjit Sandhu, Indian Ambassador to the United States, Andrew Light, Assistant Secretary for International Affairs, US Department of Energy, and Geoffrey Pyatt, Assistant Secretary, Bureau of Energy Resources, US Department of State.

Marty Durbin, President of the Chamber’s Global Energy Institute, highlighted the importance of energy security and asserted that energy security and energy transition are not contradictory goals. Durbin emphasized the role of less carbon-intensive energy sources like natural gas in bridging the gap between energy security and transition, and the central role of the private sector in meeting global energy challenges, which have been exacerbated by Russia’s invasion of Ukraine.

Assistant Secretary Light and Pyatt discussed growing energy trade and ongoing energy cooperation under the Five US-India Strategic Clean Energy Partnership Pillars: Power and Energy Efficiency; Responsible Oil and Gas; Renewable Energy; Sustainable Growth and Emerging Fuels. Industry attendees at the event included representatives of oil and gas, solar power, ethanol, transportation & alternative fuels, nuclear power, and manufacturing sectors.

The roundtable was opened by Nisha Biswal, Senior Vice President for South Asia and International Strategy at the US Chamber of Commerce and former President of USIBC. She emphasized the business-to-government forum as an important complement to the US-India Strategic Clean Partnership dialogue chaired by Minister Puri and Secretary Granholm.

“No two countries have a greater shared responsibility to develop clean energy technology that can advance an affordable, reliable, net-zero energy future. The Global Energy Institute and the US-India Business Council are ready to work with industry to provide a comprehensive energy partnership and advance the climate and energy security goals of the US and Indian governments,” said Biswal.


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