IndianOil goes green on energy security
New Delhi   28-Mar-2008
<b>Company calls for daily environmental balance sheets, integrated pricing regime</b> <img src=/NewImages/Thumbnail/chaimansarthkBheuria9.jpg align=right> For Sarthak Behuria, Chairman of state-owned flagship refiner-marketer IndianOil, energy security goes beyond merely ensuring uninterrupted supplies at affordable costs to making sure that consumers conserve energy and when they need it, use fuels efficiently to reduce impact on environment. "As the demand for energy increases, one way to lessen the impact is to ensure that it is used more efficiently," he told delegates attending the 93rd International Petroleum Week in London organised by the UK-based Energy Institute. "The most confounding problem that humanity would face in the next decade will be to find a simultaneous solution to its energy needs while addressing the concerns of global climate change world over, economies need to progressively move towards attaining higher levels of economic growth with reduced levels of energy consumption," Behuria said in his address, delivered through video-conferencing. "As resources face a crunch, the demand on energy sources such as coal, petroleum, natural gas and uranium will witness intense scrutiny. As we slide down the Hubbert ‘Peak Oil’ curve, our frenetic efforts rely on energy conservation, alternative energy sources and new finds of traditional fossil fuels," he added. "We believe an integrated approach to energy management is the key to our energy security. A segmented approach to coal, power, oil & gas and non-conventional energy sources can no longer yield dividend. The need of the hour is full-scale implementation of India's Integrated Energy Policy. "In the process, the challenge lies in tiding over the unresolved issue of integrated energy pricing. A complete and unrestrained implementation of the integrated energy policy would rationalise energy choices in a free market economy, while ensuring efficiency and least cost," he added. As per estimates, keeping emissions at safe levels would cost the world 1 % of its GDP, that is, about $430 billion. "This may not be too high but is sure to skyrocket if delayed but in the very near future, corporate social responsibility would possibly become synonymous with environmental concerns. Just as daily balance sheets, CEOs would have to adopt daily environmental balance sheets as corporate as well as life mantras in order to protect and preserve this life-sustaining planet and that goal is neither too unrealistic nor too distant." <a href=http://www.iocl.com/mediacenter/chairmanspeechIPweek.aspx class=normallink target=_blank>Address by Mr. Sarthak Behuria, Chairman, IndianOil at 93rd International Petroleum (IP) Week on India's Energy Perspective: Issues & Challenges </a>