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Driving global energy demand: India's incentives for the rest of the world

India is projected to witness the largest increase in energy demand of any country over the next two decades, as its economy continues to grow and create opportunities for its people to fulfil their potential. 

  • India’s share in global energy consumption will rise from 7% to 14% by 2050 
  • IEA predicts India will account for 25% of energy demand growth from 2020 to 2040 
  • India’s oil and gas demand will triple by 2050
  • Gas consumption to grow threefold by 2030
  • Share of gas in energy mix to rise from 6.3% today to 15% by 2030 

As India emerges as the epicentre of the global energy landscape and the energy sector represents one of the most critical components of India’s growth, the success of the inaugural India Energy Week showcased India’s achievement as a catalyst for global economic growth. With with billions of dollars of investment needed to facilitate India’s energy transition, India Energy Week 2024 presents an unrivalled opportunity for the international energy community discover new business opportunities in one of the most important global energy markets.

 

During COP26, Prime Minister of India, Mr. Narendra Modi, highlighted the 7 key drivers of India’s energy map:

  • Accelerating efforts to move towards a gas-based economy
  • Cleaner use of fossil fuels particularly petroleum and coal
  • Greater reliance on domestic sources to drive biofuels
  • Achieving the renewables target of 450 GW by 2030
  • Increasing the contribution of electricity to decarbonise mobility
  • Moving into the emerging fuels including hydrogen
  • Digital innovation across all the energy systems

THE PANCHAMRIT
The five-nectar-element commitments:

  • India will take its non-fossil energy capacity to 500 GW by 2030.
  • India will meet 50 percent of its energy requirements from renewable energy by 2030.
  • India will reduce the total projected carbon emissions by one billion tonnes from now till 2030.
  • By 2030, India will reduce the carbon intensity of its economy by less than 45 percent.
  • By the year 2070, India will achieve the target of net-zero.

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