New Delhi: India’s goal for zero zero emissions in 2070 will not affect the estimated demand for peak oil for the third largest oil and consumer importer in the world, the chairman of the Refiner Petroleum Corp.
managed by the state.
Prime Minister Narendra Modi on Monday announced 2070 as a target for India to reach clean carbon zero emissions.
He said in 2030, the renewable energy section in the Indian energy mixture would increase to 50% of 38% and projected emissions would be cut by one billion tons.
“Based on the country’s energy needs, we need to move towards various forms of energy and we need various forms of energy to meet the increasing needs of the country,” said MK Surana.
“And based on the current assessment, it is expected that the demand for peak oil may not be before 2040.” India imports around 85% of its oil needs and is seen as the main driver for global oil demand growth.
The International Energy Agency (IEA) in World Energy Outlook 2021 estimates that Indian oil demand can rise to 9.2 million barrels per day (BPD) in 2050 and 7.2 million BPD in 2030 from around 4.8 million BPD in the year 2019.
In India before -Cocused, IEA said the nation could consume 8.7 million BPD oils in 2040.
India, the world’s third largest emitter increases the use of natural gas, bio fuel, mixing ethanol with gasoline, and the use of green hydrogen in between others to cut the carbon footprint.
Surana said India would need a new source of energy and conventional fuel to meet the increasing local demand for a smooth transition to cleaning energy to avoid scarcity.
This country has witnessed the worst power crisis for years due to lack of fuel despite holding fourth largest coal reserves in the world.
Surana also hopes that India’s diesel demand will continue to live above the pre-covid level on the increase in industrial activity, pick-up demand from the agriculture sector, easing limiting led covid and increased vaccination that has weakened fear of the third wave of infection.