New Delhi, Apr 12 (KNN) With a view to discuss key aspects and prospects of the Future of Global Energy Security, IEF energy Ministers and industry experts has came together and organized the 16th International Energy Forum Ministerial Meeting from 10th April to 12th April, 2018.

The theme of IEF-16 is “The Future of Global Energy Security”, hosted by India and co-hosted by China and Korea.

The IEF 16 aims to address issues like global shifts in producer-consumer relations, universal energy access and affordability, promoting investments in oil and gas to meet future demand.

Further, to discuss security and co-existence of new and existing technologies and subjects to secure the future of collective energy.

Speaking at the occasion, Prime Minister Narendra Modi said that in the next 25 years India will be the key driver of global energy demand according to the energy forecast report prepared by an agency.

Further he said that the report highlights that India’s energy consumption will grow by 4.2% a year for next 25 years and gas demand will triple by 2040.

The number of electric vehicles will rise to three hundred and twenty million by 2030, up from three million today, he added.

In the era of energy abundance, people must have universal access to clean, affordable, sustainable and equitable supply of energy as majority of population do not have access to electricity and clean cooking fuel, he said.

On sharing the views on hydrocarbon sector and energy security, he said that energy is essential therefore it is necessary maintain a responsible pricing to strike a balance between the interest of producers and consumers.

He said that need is to move towards transparent and flexible markets for both oil and gas, in order to serve the energy needs optimally.

Given global un-certainties, India also needs energy security; sharing his vision for India’s energy future he mentioned 4 pillars – energy access, energy efficiency, energy sustainability and energy security.

India needs energy which is accessible and affordable to the poor, he added.

India is committed to combating climate change, curbing emissions and ensuring a sustainable future, thus the launch of the International Solar Alliance is a step towards fulfilling this commitment, he further added.

The target is to achieve, 3 energy related components of the United Nations Sustainable Development Agenda which are Universal access to modern energy by 2030; Urgent action to tackle climate change - in line with the Paris agreement and Measures to improve air quality, he added. (With PIB inputs)