India will “navigate” its way through the current oil price environment by further diversifying its energy sources, its Minister of Petroleum and Natural Gas Hardeep Singh Puri has said.
An “unintended consequence” of $95 per barrel of oil is a hastening of the transition to cleaner energy, Mr Puri told The National on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference.
As the world’s third-largest crude oil importer, India aims to produce 500 gigawatts of non-fossil fuel capacity by 2030 to meet half of its energy demand through renewables, he added.
“We are the leading success story [in renewables] in the world. We brought the price of solar down from 25 cents to three cents … and will be the leading manufacturer of green hydrogen because we have low-cost power,” Mr Puri said.
“We have got Indian companies supplying green ammonia to German companies. We have got Indian companies supplying to the new electricity turbines in Singapore.”