Energy transition will require actions from both public & private sector: Hardeep Singh Puri

Energy transition will require actions from both the public and private sector, said Hardeep Singh Puri
Energy transition will require actions from both public & private sector: Hardeep Singh Puri
Energy transition will require actions from both public & private sector: Hardeep Singh PuriX

New Delhi: Energy transition will require actions from both the public and private sector, said Minister for Petroleum and Natural Gas and Housing and Urban Affairs Hardeep Singh Puri. Acknowledging the contribution of impactful Corporate Social Responsibility (CSR) initiatives in pushing the Sustainable Development Goals (SDG) agenda forward, Puri said, “CSR is not enough by itself. It is just the beginning. If companies and businesses are to create meaningful change, they must look at incorporating sustainability in their operations as well, he said.”

He mentioned the example of Oil & Natural Gas Corporation (ONGC) which has integrated sustainable practices into its core operations to enable a reduction in Scope-1 and Scope-2 emissions by 17 percent in the last five years of its operations. Puri inaugurated the UN Global Compact Network India’s (UNGCNI’s) 18th National Convention in New Delhi on Friday.

Puri emphasised the role of the private sector, in addition to the government, in achieving SDGs. Combining purpose with profit can generate a unique competitive advantage to meet the expectations of consumers, investors, and employees, he said. He said that the reputations of businesses are now linked to their public commitment to the SDGs, both for investors as well as for consumers. Not just consumers, even investors are increasingly paying attention to environmental, social and governance (ESG) risks when making decisions, he noted.

If India succeeds, SDGs will succeed: Hardeep Puri

“If India succeeds, Sustainable Development Goals (SDGs) will succeed. And if the SDGs are to succeed, India has to succeed,” asserted Puri, adding that India is the most populous nation in the world, has the fifth-largest and fastest-growing economy, and is fast becoming the most preferred investment destination. “Outcomes in India will determine the outcomes of the world,” he noted.

Highlighting the remarkable progress made by India in achieving SDGs in the last decade, the minister said that over 250 million people have been lifted out of multidimensional poverty, a testament to the nation’s commitment to inclusive growth. He said that the government’s missions such as the Swachh Bharat Mission, and AMRUT have utterly and totally transformed the water and sanitation landscape of the country, making it open defecation-free. With rigorous third party verification, these achievements are not just self-proclaimed but backed by solid evidence, he added.

India’s approach to SDGs shines brightly: Puri

In the midst of global challenges, India’s approach to sustainable development shines brightly, said Puri. He said, while significant portions of the world struggle with access to clean water and sanitation, India has made remarkable strides in addressing these issues. Despite the vast financing gap in achieving sustainability goals, he said, India has been proactive in mobilising resources and implementing impactful initiatives.

Talking about the efforts of the government towards women empowerment, Puri said that so far, all the schemes in India have been women-centric but now there has been a shift towards women-led schemes. He mentioned about the historic Women’s Reservation Bill introduced in Parliament last year to ensure an equitable participation of women in political processes.

India’s progress on sustainability targets

The minister also spoke about India’s progress on its sustainability targets. Referring to the journey of ethanol blending in the country, he said that in the case of ethanol blending in petrol and diesel, India had set a target of 20 percent blending by 2030, but it was brought forward to 2025-26 because of the outstanding progress made. He also mentioned the efforts of the government towards building an enabling ecosystem for emerging technologies such as battery energy storage systems, green hydrogen electrolysers, e-mobility, and waste-to-energy through manufacturing incentives and innovative financing policies. He said that India’s net zero target of 2070 will be achieved before the deadline.

Energy transition will require actions from both public & private sector: Hardeep Singh Puri
ONGC has to not only celebrate its past laurels, but also re-work its existing fields: Puri

“We are delighted to see the tremendous enthusiasm and engagement at this year's 18th National Convention, which underscores the importance of collaborative efforts in advancing sustainability in India. In pursuit of a sustainable and prosperous India, let us heed the call for collaborative action, championed by the late Mr Subir Raha’s enduring legacy. As we gather under the visionary leadership of Shri Hardeep Singh Puri and the guidance of UN GCNI, let our commitment to sustainability be a beacon for impactful change. Through dialogue, dedication, and tangible actions, we embark on a journey towards a responsible and inclusive corporate landscape, shaping a future that aligns with global goals and our collective vision for a sustainable tomorrow,” said Arun Kumar Singh, Chairman & CEO, ONGC and President, UN GCNI.

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