Energy Risk - Indian Discusses Energy Security With EU

"The rising prices of fossil fuels and our import dependence demand a diversification of energy mix, greater use of renewable energy and increased research and development for new technologies," Foreign Secretary Shyam Saran told the first India-EU Business Conference on energy that started on Thursday.

A policy framework was necessary to attract private investment, as the country required an investment of about $100 billion during 2007-12 in generation, transmission and distribution by the end of the 11th Five-Year Plan, Shinde said.  "Our energy requirement like yours is high, and is expected to grow much higher given our large population and our projected economic growth rates," Saran stressed.  Underscoring the need for greater energy security, he added: "Our development and growth goals will not be met without safe, secure and stable energy supplies."  “The time to think ahead and plan for alternative, secure, stable and clean sources of energy is now," he stressed.

Saran also drew attention to India's expertise in a wide range of technologies in wind, solar photovoltaic, solar thermal, small hydel, biogas and improved biomass stoves. He called for cooperation in other areas such as hydrocarbons, hydropower and nuclear energy.  "All these sectors present promising opportunities for our foreign partners to invest - both in power generation and manufacture of products and systems for our domestic market as also for export to third countries," he said.  "Other areas like hydrocarbons, hydropower and nuclear energy also provide areas of cooperation," Saran added.