Page 55 - Policy Economic Report - September 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

demand side issues. There is a need for rational utilization of fossil fuel resources with due diligence and
development of integrated efficient & inclusive low carbon transport systems, and sustainable
urbanization, keeping in view inclusive, economic, and ecological aspects.

Union Minister said that the government has initiated more bio-based policy interventions and is also
working on fuel switching, recycling, circular economy, and promotion of green hydrogen technology,
along with empowering the MSME sector. India is working on international cooperation to empower the
global south and assessment of financial requirements with new quantifiable goals being the focus areas
at COP29. He mentioned that for capacity building, climate finance must be defined accordingly. The
Ministry of Energy has put forth the idea of a carbon market and initiated the Green Climate fund to build
capacity. He further said that the economic viability of capacity building and technology transfer holds the
key to developing renewable energy markets.

The Summit was attended by the former Secretary of MoEFCC and Chairman & Managing Director of Solar
Energy Corporation of India, Sh. R P Gupta, Officer on Special Duty of Government of India, Sh. P K Singh,
Stakeholders, Subject Experts and dignitaries.

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Research, analysis & compilation by:

Economic Policy & Planning Team - FIPI

Email: pankhuri@fipi.org.in

Note: The information contained herein is compiled from various sources considered reliable, but its
accuracy and completeness are not warranted, nor are the opinions and analyses that are based on it. FIPI
is not responsible for any errors or omissions, nor shall it be liable for any loss or damage incurred by
reliance on information or any statement contained herein. While reasonable care has been exercised to
ensure that no copyrights are infringed, in case there is any omission or oversight in this regard, we may
please be informed immediately.

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