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PM Modi inaugurated the India Energy Week (IEW) 2023

Indian PM Modi inaugurated the India Energy Week (IEW) 2023 in Bengaluru, which marks the first significant event of G20.

India's role in Energy Sector
- India’s energy demands will be highest in the present decade which presents an opportunity for the investors and stakeholders of the energy sector. 
- India’s share in the global oil demand is 5% which is expected to rise to 11%, whereas the gas demand of India is expected to rise up to 500%.
- India is the fourth largest country for its refining capacity. 
- Efforts are on to increase the capacity to 450 MMTPA from the current capacity of 250 MMTPA.
- The government is working on mission mode to increase the consumption of natural gas in energy mix from 6% to 15% by 2030 where all the needed infrastructure will be provided by ‘One Nation One Grid’.
- Regarding Bio-energy expansion, there is preparation for 12 commercial 2G Ethanol plants.
- PM also informed about 500 new ‘waste to wealth’ Gobardhan plants, 200 compressed biogas plants and 300 community-based plants which will create new avenues of investments. 
- The country is aiming to produce 5 MMTPA green hydrogen by the end of this decade which brings in the possibility of investments of more than Rs 8 lakh crore. 
- India will increase the share of green hydrogen to 25 percent by replacing grey hydrogen. 
- The govt has started a PLI scheme worth 18,000 crores which will be a significant step towards manufacturing advanced chemistry cells of 50 GigaWatt hours.
- 35,000 crores have been kept for priority capital investment to push energy transition and net-zero objectives. 
- Provision for 10 lakh crore rupees capital expenditure will give a push to green hydrogen, solar to road infrastructure. 
- In the last 9 years, renewable energy capacity increased from 70 gigawatts to about 170 gigawatts in that solar power increased by 20 times. India
-  India stands at number four in wind power capacity.
- In the last 9 years, India has increased ethanol blending in petrol from 1.5 percent to 10 percent. Now, it is moving towards the target of 20 percent ethanol blending.

Verticals for the strategy of Energy sector
- Increasing domestic exploration and production
- Diversifying supply
- Expanding fuels like biofuel, ethanol, compressed biogas and solar
- De-carbonisation via electric vehicles and hydrogen

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