India’s renewable energy credentials look set to receive a boost as the country’s largest refiners slow fossil fuels projects and instead focus on green projects.
Biofuels in India are being pushed by the Modi government but experts say its plan to substitute 20 percent of gasoline with ethanol could be a shortsighted approach to energy security in the water-scarce nation.
India and fossil fuels, once a promising mix, are now being edged out by renewables as new government policies are resulting in companies either scrapping or delaying oil and gas projects.
It was set to be the next big gas market but high gas prices in India have put that target beyond reach – and the shortfall in gas supplies will be substituted by renewables, experts said.