Indias Energy Demand Is Expected To Rise By More Than 3% Per Year From 2021 To 2030 Says IEA

27 Oct 2022 , 02:50 PM

The International Energy Agency or IEA has noted in its latest World Energy Outlook that India is set to become the world’s most populous country by 2025 and, combined with the twin forces of urbanisation and industrialisation, this underpins rapid growth in energy demand, which is expected to rise by more than 3% per year from 2021 to 2030. Even though India continues to make great strides with renewables deployment and efficiency policies, the sheer scale of its development means that the combined import bill for fossil fuels doubles over the next two decades, with oil by far the largest component. This indicates continued risks to energy security. Coal generation is projected to continue to expand in absolute terms in peaking around 2030, though its share of electricity generation falls from just below 75% to 55% overthis period. Government programmes, such as the Gati Shakti National Master Plan and the self&8208;Reliant India scheme, and strong economics underpin robust growth in renewables and electric mobility, notably for two/three&8208;wheelers. Renewables meet more than 60% of the growth in demand for power, and account for 35% of the electricity mix by 2030: solar PV alone accounts for more than 15%. However, coal still meets a third of overall energy demand growth by 2030, and oil, mainly for transport, another quarter. In the APS, more rapid progress in deploying low&8208;emissions alternatives in power, industry and transport sectors in particular puts India on a trajectory in line with its goal of net zero emissions by 2070. India is set to make further progress towards its domestic renewable capacity target of 500 gigawatts (GW) in 2030, and renewables meet nearly two&8208;thirds of the country’s rapidly rising demand for electricity.Powered by Capital Market – Live News