What is the News?
International Energy Agency(IEA) releases the India Energy Outlook 2021 Report.
About the India Energy Outlook 2021
- This report aims to ensure reliable, affordable, and sustainable energy for a growing population. It explores the opportunities and challenges ahead for India.
- It examines the long-term impacts of the pandemic on India’s energy supply, demand, and investment using the latest available energy data. Furthermore, it also suggests pathways out of the crisis.
Key Findings of the Report:
- Energy Consumer: Currently, India is the fourth-largest global energy consumer behind China, the United States, and the European Union (EU). By 2030, India may overtake the EU as the world’s 3rd biggest energy consumer.
- Natural Gas Demand: India will become the fastest-growing market for Natural gas with demand more than tripling by 2040. Natural gas import dependency will also increase from 20% in 2010 to almost 50% in 2019. It will grow further to more than 60% in 2040.
- More Oil import: India is currently the world’s second-biggest net oil importer after China. It currently imports about 76% of its crude oil needs. That reliance on overseas oil is expected to rise to 90% by 2030 and 92% by 2040.
- Renewable Energy: India’s share in the growth in renewable energy is the second-largest in the world after China.
- Coal Demand: Over 80% of India’s energy needs are met by three fuels: coal, oil, and solid biomass. Among them, coal currently dominates India’s electricity sector. It accounts for over 70% of overall generation with only about 4% produced through solar energy.
- Global Emitter: India is currently the 3rd-largest global emitter of CO2, despite low per capita CO2 emissions. By 2040, India’s emissions of carbon dioxide could rise as much as 50%. That would make India the second-largest emitter of carbon dioxide, trailing only behind China.
- Urban Population: By 2040, an estimated 270 million people are likely to be added to India’s urban population. However, even with such rapid urbanization, the share of India’s population living in urban areas in 2040 is still expected to be less than 50%.