Modi Sets Out Stall On Energy Investment Ahead Of Election

Indian PM Narendra Modi has delviered the opening address at the India Energy Week event in Goa. Bloomberg reportsthat Modi committed to "earmark a major share of the $134 billion in planned infrastructure spending in next year’s budget to the energy sector to meet surging demand". Modi: "Our primary energy demand is expected to double by 2045 and we are making preparations for that. And at the same time we are also trying to ensure there is affordable energy for our citizens.”

• Modi faces a general election in the spring as he seeks a third consecutive term in office. His announcements have sought to tread a fine line between committing to significant expansions in India's energy capacity and ensuring security of supply, while also hitting ambitious climate goals.
• OPEC Secretary General Haitham al-Ghais has also been speaking at the India Energy Week event in Goa. States that "Oil and gas account for 60% of the global energy mix...Investments in fossil fuels is one of the key issues for OPEC...There is a global consensus that oil demand will continue to rise....Advocating for stopping investments in fossil fuels endangers energy security....Investment in the oil sector is necessary to meet future demand in countries like India."