What is your outlook on the Indian energy sector?
These are exciting times for the Indian economy and its energy sector. We now have global consensus on transitioning to greener energy avenues. Prime Minister Narendra Modi declaring 2070 as the target year to achieve net-zero goal is a watershed moment for India. While the target has to be our guiding star in pursuing the inevitable energy transition, we cannot afford to ignore India's immediate energy challenges. We are the third-largest energy consumer globally while accounting for a mere 7 per cent of the global energy demand and home to 7 18 per cent of the worldwide population. Our energy requirements in the coming years are bound to grow exponentially.
According to the International Energy Agency's projection, India's energy demand is set to double by 2040 and we will account for 24 per cent of incremental global energy demand by that time. So while accelerating emission reduction and meeting climate goals is crucial, we must recognize that oil and gas will continue to play an essential role in sustaining the growth of developing economies like ours, at least for the next couple of decades. I must add that bio fuels will be a promising avenue as it combines green benefits with economic prudence. Recently, the ethanol blending target of 20 per cent has been advanced to 2025.
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