Towards building a sustainable and inclusive energy future, KPMG's ENRich 2023 Conclave brought together stakeholders to discuss, ideate and share their insights and experiences. Day 2 of this two-day conclave was graced by Honorable Minister of Petroleum & Natural Gas and Minister of Housing & Urban Affairs, Government of India, Hardeep Singh Puri, who commended KPMG's innovation initiatives.

Extending a warm welcome to the Honorable Minister, Yezdi Nagporewalla, CEO, KPMG in India, expressed deep appreciation for his presence at the event. The Global Head of ENRC at KPMG International, Anish De, also communicated his gratitude for the Honorable Minister's guidance and vision, anticipating insights on India’s decarbonisation journey and the critical aspect of maintaining energy security.

Puri began by commending the event's theme, ‘Growing with Less’, and emphasised the need to confront multiple crises, including those in the fuel, food, and fertiliser sectors, and address the challenges of availability, affordability, and sustainability.

He opined that the world faced a supply-side management issue rather than a shortage of energy and illustrated this by pointing to the impact of voluntary oil production cuts on global equilibrium. Stressing the significance of affordability, especially for a dynamic population like India, and the sensitivity of large energy-importing nations, he underlined its importance.

Transitioning to the issue of sustainability, Hardeep Singh Puri lauded the progress in India's transition to biofuels, which have reached a level of nearly 20% utilisation. Crediting the ecosystem and diversified feed sources for this achievement, he stressed that the 20% target was within reach. Additionally, he highlighted the growth of alternative fuels like E20 blended fuel and the absence of concerns regarding buyback guarantees.

The minister recognised the link between fuel prices and the transition to alternative energy sources and suggested that spiraling fuel prices could serve as motivation for this transition. While acknowledging uncertainties and challenges, he remained optimistic about overcoming them.

He concluded with thanks to KPMG in India for organising the ENRich 2023 Innovation Summit and highlighted the recognition of innovative startups at the event, praising their creative solutions for a sustainable future.

Earlier that day, Puri visited the immersive “KPMG Innovation Kaleidoscope” and lauded the efforts of KPMG in India in promoting innovation while addressing the energy challenge. He also unveiled KPMG’s thought leadership paper, titled “Pivoting to Leadership - Re-imagining supply chains for India’s emergence as a credible alternative for global clean energy manufacturing”.

The Enrich 2023 Startup Search winners were felicitated on day 1 of the conclave. These dynamic enterprises, including Nexus Power, Apeiro Energy, MiniMines, MinionLabs, Caliche, and Syook, were acknowledged for showcasing creative solutions for a sustainable future.

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First Published:Nov 21, 2023 3:25 PM IST