The most effective strategy to lessen our reliance on global oil and gas price cycles is to rapidly expand the proportion of electricity in our country's ultimate energy usage. Furthermore, the new energy supply should be mostly derived from renewable sources, said Kapoor, the ministry's Energy Transition Advisory Committee (ETAC) chairman.
According to Tarun Kapoor, the chairman of the petroleum and natural gas ministry's energy transitional panel, India should quickly grow the use of electricity in its economy, mostly from renewable sources, to reduce its vulnerability to global oil and gas price cycles. He believes the government should utilize taxation to encourage the usage of electric vehicles.
Electric Vehicle (EVs) while discouraging cars fueled by Petrol and Diesel.
The most effective strategy to lessen our reliance on global oil and gas price cycles is to rapidly expand the proportion of electricity in our country's ultimate energy usage. Furthermore, the new energy supply should be mostly derived from renewable sources- According to Kapoor, the head of the ministry's Energy Transition Advisory Committee (ETAC).
By June, the group is anticipated to propose a more comprehensive energy transition strategy for the petroleum industry.
According to a major scenario developed by the International Energy Agency, the percentage of electricity in India's final energy consumption would climb from 17% to 24% by 2040. According to Kapoor, India should establish a more ambitious goal.
India imports 85% of its crude oil and half of its natural gas. The recent increase in oil prices has pushed up domestic perol prices, supporting inflation in the economy.
The government should work toward significant electricity demand creation, particularly in cooking and transportation, where we could have a quick and direct shift away from oil and gas, said Kapoor, who retired as petroleum secretary last November and has spent more than a decade in electricity sector policymaking.
We must utilize tax to incentivize EVs while discouraging petrol and diesel automobiles. To begin, we must focus on taxis. It makes enormous economic sense to adopt EVs if everyday travel distances are less than 100 km, Kapoor stated.
Electric two-wheelers are just now becoming mainstream. In India, passenger cars have failed to gain favor with purchasers, who are increasingly preferring large vehicles such as fuel-guzzling sport utility vehicles. To entice purchasers, EV manufacturers will need to offer more models. And, of course, safety must be the number one concern, Kapoor stated.