Ihe International Energy Agency (IEA) released the “India Energy Outlook 2021 Report”, which explores the opportunities and challenges that India faces in seeking to ensure reliable, affordable and sustainable energy for its growing population.
“India Energy Outlook 2021” is a new special report in the International Energy Agency’s “World Energy Outlook” series.
♦ By 2030, India will replace the European Union as the world’s third largest energy consumer. This will be the largest share of energy demand growth in the next two years, at 25%.
♦ Currently, India is the world’s fourth largest energy consumer after China, the United States and the European Union.
♦ Under the current national policy scenario, India’s Gross Domestic Product (GDP) is estimated to grow to 8.6 trillion US dollars by 2040, and India’s energy consumption is expected to nearly double.
♦ Before global pandemic, India’s energy demand was expected to grow by nearly 50% between 2019 and 2030, but the growth during this period is now close to 35%.
♦ In the past three decades, in terms of Purchasing Power Parity (PPP), India accounted for approximately 10% of the World’s Growth in Industrial Value-added.
♦ By 2040, India will account for nearly 20% of the Global Growth in Industrial value-added, and will lead the global growth of industrial final energy consumption (especially steelmaking).
♦ Although the government has introduced policies to promote petroleum exploration and production and renewable energy, India’s domestic oil and gas production has been stagnant for many years, and India’s growing energy demand will make it more dependent on fossil fuel imports.
♦ The increase in oil demand may double India’s oil import bill to approximately US$181 billion by 2030.