INDIA TO DRIVE GLOBAL OIL DEMAND GROWTH
India’s consumption of crude oil is set to soar to 372 million tonnes of oil equivalent in 2033, a 40 per cent jump from 2023, according to the Economist Intelligence Unit.
This would make the country the largest contributor to the world’s oil demand growth over the next decade.
But India’s government does not see its oil interests as being at odds with its green energy transition.
Analysts explained that renewables are being used in electricity generation, but still play a limited role in industries such as transport. It is also unable to meet the country’s rising energy appetite in the near to medium term.
“It’s a long-term solution,” said InSolare Energy’s Bhatt.
“We cannot say that we’ll just cut off our imports of oil and gas tomorrow. That can’t happen,” he added.
“It will eventually happen. In fact, India has a goal of becoming net zero by 2070, so that’s roughly 50 years from now.”
By the end of last year, India’s total renewable energy capacity reached nearly 210 gigawatts, a 16 per cent increase from a year earlier.
But this is still a long way to go in the country’s target of 500 gigawatts by 2030, said experts.
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