 | « Back to article | Print this article |
'Trump is good news for us. Energy poverty is real, and fossil fuels are the answer.'
The looming shadow of the disruptive decisions made by US President Donald J Trump and Prime Minister Narendra D Modi's much-anticipated meeting with him this week echoed throughout the opening of India Energy Week (IEW).
Trumpian energy policies and just energy transition took centre stage in panel discussions and coffee-break chats.
"I had the great privilege of knowing Trump when he was not the president. I also lived in the Trump World Tower. He used to visit us every year and have an annual get-together. I have watched the events unfold with more than a sense of interest," said Hardeep Puri, Union minister for petroleum and natural gas, at the first panel discussion of the event.
Reacting to the impact of President Trump's energy policies, Puri said some aspects of them are "music to my ears".
"When the new administration says more energy should come to the market and prices should come down, as a line minister and an Indian, I am happy," Puri said.
The minister said he would be surprised if sourcing more energy from the US didn't come up in the Modi-Trump meeting.
Russia, which has been facing increased sanctions from the Global North following the Ukraine war, thanked India for its partnership in oil purchases.
Pavel Sorokin, first deputy minister of energy, Russian Federation, said, "One nation cannot dictate energy policies," discreetly hinting at the US.
His message to India and the US was loud and clear: "We value relationships. We have a competitive advantage in the oil market. We will continue despite challenges," Sorokin said at a panel discussion.
As the tone was set in favour of fossil fuels, global leaders chimed in.
Saad Sherida Al-Kaabi, Qatar's minister of state for energy affairs, speaking alongside Puri, said energy prices would spike tremendously if oil and gas supply falls short.
"When people kept on demonising oil and gas producers for the last 10 years, it didn't help in solving the environmental problem," Saad said.
"There is a 'cancel culture' against fossil fuels -- that they need to be replaced. But what we need is all fuel sources and energy efficiency. India is an example of it."
Saad also spoke in favour of India and China mining more coal.
"These two countries are the largest producers of coal. We cannot tell them to stop using their domestic resources and instead import fuel. Domestic resources should be exhausted. Coal cannot be cancelled. This cancel culture on everything should be stopped."
Haitham Al-Ghais, secretary-general, Organization of the Petroleum Exporting Countries (Opec), also expressed dismay toward those who had predicted "peak oil, peak gasoline, peak emissions".
"All of them were proved wrong," Ghais said.
"Oil is paramount. Opec is not against renewable energy. However, renewable energy is not in competition with fossil fuels. We are talking about taking a balanced approach."
Balancing just transition with energy security was the stock reaction of global energy leaders across panels at IEW and even on the sidelines.
"Trump is good news for us (India). Energy poverty is real, and fossil fuels are the answer," a senior oil sector executive said.
"Every investment, be it State or private, needs returns. Hydrocarbons will be the ultimate winner in 15 years," Sorokin said, as loud applause followed.
Puri, however, said he would be a "sole dissenter", adding: "Oil will be here for a while. The change will come with green hydrogen and nuclear. They are tools to reach net zero."
Feature Presentation: Aslam Hunani/Rediff.com
