India to host global energy meet in Bengaluru next week

Prime Minister Narendra Modi will launch a three-day India Energy Week in Bengaluru on Monday.

The prime minister will also attend a plenary meeting and a round table discussion with CEOs, according to sources.

The event is expected to attract more than 650 exhibitors and 34 ministers from various countries.

According to sources, this will be the first time India hosts such a grand event, with a record number of chief executive officers from top energy companies expected to attend.

At India Energy Week, the Prime Minister will announce major energy initiatives, such as increasing ethanol blending in gasoline to 20% by 2025 under the E20 initiative, which is expected to reduce vehicular emissions and the country’s reliance on imported fuels.

India has increased ethanol blending in gasoline from 1.53% in 2013-14 to 10.17% in 2022, and it has also pushed back its target of 20% from 2030 to 2025-26.

India imports a significant portion of its energy needs, and diversifying indigenous sources is seen as a way to reduce reliance on imported fuel.

Sitharaman proposed in this year’s Budget to exempt denatured ethyl alcohol, which is used in the chemical industry, from basic customs duty. According to her, this will also help the Ethanol Blending Program and the government’s energy transition efforts.

Meanwhile, other initiatives to be unveiled by the PM at India Energy Week include solar energy cooking tops, clothing made from millions of recycled plastic pet bottles, and the launch of a green hydrogen mobility rally, according to sources.

According to sources, the Prime Minister will also kick off a green hydrogen mobility rally.