Taking a stand that the energy transition to cleaner sources is underway, Petroleum Minister Dharmendra Pradhan said that fossil fuels will not have acceptability forever.
"Fossil fuels will be a bad word in the decades to come. There is a growing shift towards the clean energy ecosystem. India must look at this for being a global leader," Pradhan said while speaking at a ceremony to mark launch of compressed biogas projects.
He asked oil and gas companies to take a lead in these initiatives, suggesting they focus more on using farm waste to energy projects.
During the event, public sector undertaking (PSU) companies, IndianOil, Bharat Petroleum, Hindustan Petroleum, Indraprastha Gas, and GAIL (India) signed an agreement to boost the viability of compressed biogas projects in the country. Under the agreement, these PSU companies decided to buy compressed biogas (CBG) made from projects that were supported by the signing parties.
"This will allow a compress biogas manufacturer more options to sell its output since these companies have a wider reach and network when operating together," an IndianOil official said.
These CBG projects are being developed under the Sustainable Alternative Towards Affordable Transportation (SATAT) initiative of the Ministry of Petroleum and Natural Gas. The SATAT initiatives envisage setting up of 5,000 CBG plants by 2023-24 with a production target of 15 million tonnes.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU