India unveils $250 bn energy investment opportunity to global CEOs
Goa: India took the lead of the recent 9th Prime Minister’s Roundtable, organised in the national capital on Wednesday, with the global energy CEOs, to convey a clear message: it wants to be a reliable centre of gravity in the volatile global energy order.
With 27 top executives of the global energy companies expressing confidence in the growth trajectory of India, the engagement marked the growing importance of New Delhi in shaping the future global energy demand.
The Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, said on Thursday, that the message from PM Modi was crafted to reassure investors and convey scale.
Pointing out that India is moving rapidly towards becoming the third-largest economy in the world, he emphasised the country’s distinct advantage of being a large importer as well as a large exporter of energy.
Importing oil and gas from a diverse pool of over 40 and 18 countries respectively, and exporting petroleum products to over 150 nations, India came across as a strong, rules-based, and reliable partner.
The framing of investment opportunities, which included exploration and production investments of around $100 billion, refining and petrochemicals investments of $87 billion, and natural gas investments of $72 billion, was clearly intended to attract long-term investments even in a volatile global energy market.
The thematic and bilateral roundtables on Day 3 were reflective of India’s approach to linking hydrocarbons with clean energy cooperation. Interactions with the Netherlands and Japan indicated a strong emphasis on green hydrogen, biofuels, gas value chains, automation, and digitalisation.
These interactions covered the gamut from electrolyser production and hydrogen corridors to LNG infrastructure, surplus ethanol use, and AI-based systems for efficiency optimisation.
The Dutch and Japanese companies’ readiness to invest in R&D, scale-up activities, and participate in India’s licensing rounds indicated a growing comfort level with India’s policy stability.
Of equal importance was the India-Iceland dialogue, which put the spotlight on geothermal energy and carbon capture.
With an estimated potential of over 10 GW of untapped geothermal resources in India, collaboration with Icelandic technology companies could help hasten the pace of pilot projects and deployment, while current CCS projects by Indian PSUs indicate early signs of progress in industrial sector decarbonization. The India-US energy partnership roundtable discussion also underscored progress in hydrocarbon trade, equity participation in LNG, and joint efforts in critical minerals, hydrogen, and CCUS.
The MoUs that have been signed in the wake of these discussions have translated intentions into action. The MoUs cover the gamut of LNG trading, long-term sourcing, clean energy technologies, LNG-based mobility solutions, and advanced biofuels, and this reflects a pragmatic approach that seeks to leverage existing infrastructure while driving the energy transition agenda.
