World Energy Policy Summit - Delhi February 2022
Market Insight 03 March 2022 03 March 2022
Asia Pacific, UK & Europe
Energy & Natural Resources
In February 2022, partners David Leckie and Mary Anne Roff presented at the World Energy Policy Summit 2022 hosted by the Independent Energy Policy Institute in Delhi and held remotely this year. The Summit brought together distinguished guests, including India’s Minister of Petroleum and Natural Gas and Norway’s Minister of Climate and Environment, to discuss the energy transition and its impact on energy markets.
Click here for a link to the presentations.
• Shri Hardeep S Puri, Honourable Minister of Petroleum and Natural Gas, Government of India
• Mr Espen Barth Eide, Honourable Minister of Climate and the Environment, Norway
• Dr Alka Mittal, Chairperson & Managing Director, Oil & Natural Gas Corporation (ONGC), India
• Mr Jarand Rystad, CEO, Rystad Energy
• Mr Monte Dobson, CEO, ExxonMobil Gas (India)
The Honourable Minister of Petroleum and Natural Gas, Shri Hardeep S Puri, opened the Summit and commented that amidst a backdrop of unprecedented challenges and opportunities, India is poised to lead the global energy transition.
India’s energy policy centres around access to affordable and reliable energy. The nation is currently the third largest consumer of energy in the world and it is projected that by 2050, India's share in global energy demand will increase from 6% to 12%. The fact that the economy is forecast to grow by 9.2% by the end of the fiscal year stands testimony to the rapid expansion India is undergoing.
Reflecting on Prime Minister Narendra Modi’s speech at COP26, Minister Puri reiterated India’s aim to be net zero by 2070 and to forge a green path to progress whilst acknowledging that oil and gas would continue to meet the base load of energy requirements in the foreseeable future.
India’s ambitious and wide-reaching energy policies include:
• Developing 500,000km2 of oil and gas exploration area by 2025 and 1,000,000 km2 by 2030.
• Increasing the share of natural gas energy from 6% to 15% by 2030.
• Increasing ethanol blending to account for 20% of the nation’s fuel by 2025.
• Promoting clean mobility through the development of electric vehicles and battery technologies.
• Promoting and investing in green hydrogen innovation.
• Integrating digital technologies such as Artificial Intelligence, Big Data analytics and sensors.
These form part of a suite of reforms and measures intended to tap into India’s immense resources and enable India to lead the way in the energy transition.
David Leckie and Mary Anne Roff discussed some of the legal challenges posed in managing the energy transition including contractual issues arising out of renewable energy projects, the massive uptick in climate change litigation and the growing need for companies to embrace ESG in their corporate agendas.
Click here for a link to their talks.