India’s import dependence on the energy front can be lowered to 21% in 2047 at its most optimal level from the current level of 31%, provided India takes the corrective steps towards pricing that supports energy efficiency and establishes the appropriate regulatory mechanism. This has been projected in the study made under different Scenarios as part of IESS 2047.
The tool (IESS) 2047 was launched by the Planning Commission in partnership with the Confederation of Indian Industry in New Delhi on Friday. It was developed by the Planning Commission in consultation with key stakeholders including the UK Department of Energy and Climate Change, TERI, C-Step and Prayas Energy. It shows various combinations of energy demand and possible energy supply pathways available to the country ranging from the least effort to the heroic effort.
The IESS 2047 is an energy scenario building tool which generates the energy demand and supply scenarios for India leading up to the year 2047. The demand and supply scenario for the year 2047 has been projected under four different scenarios:-
- “Least Effort” Scenario
- “Determined Effort” Scenario
- “Aggressive Effort” Scenario
- “Heroic Effort” Scenario
As per the projections made, the import dependence would be as high as 84% in case of “Least Effort” Scenario while the same could improve to l21% in case of “Heroic Effort” Scenario.
Speaking on the occasion, Dr. Farooq Abdullah underscored the crucial role that renewable energy shall play in ensuring a lesser import dependence. Dr. Abdullah advised that all the stakeholders would need to play a pro-active role, industry would need to innovate while the banks would need to reduce interest rates to promote green energy.
Montek Singh Ahluwalia, Deputy Chairman, Planning Commission said that there was a need to put in place the instruments including pricing and regulatory measures that support the shift in energy efficiency that we aim to achieve on the demand side.” However, this would require an integrated approach to energy, that has “remained a constant battle.”
Stressing on the need to strengthen collaborations between India and the UK, Sir James David Bevan KCMG, High Commissioner of UK said “Both India and the UK share similar challenges in the energy domain. There is a need to work together to make both our countries energy secure and prosperous. ”
- Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
- Now Save Rs.3150 on your Demat Account ...Click here
- Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
- Get the most detailed result analysis on the web - Real Fast!
- Actionable & Award-Winning Research on 500 Listed Indian Companies.