India to lead global energy demand growth by 2040: IEA report

India is likely to lead global energy demand growth by 2040, the International Energy Agency said in its annual World Energy Outlook report 2017 on Tuesday.

The Indian energy demand may rise by 1,005 million tonnes of oil equivalent (Mtoe), between 2016 to 2040, accounting for 30 percent of the total growth in world energy demand. Thus, India will surpass the increase in energy demand of China (790 Mtoe), West Asia (480 Mtoe) and Africa (485 Mtoe) during the above period.

However, US, Japan and Europe may reduce their energy demand by 30 Mtoe, 50 Mtoe and 200 Mtoe, respectively, by 2040.

The IEA report says traditional distinctions between energy producers and consumers are being blurred, and a new group of major developing countries, led by India, is moving towards centre stage.

There is a fourfold shift towards the rapid deployment and falling costs of clean energy technologies, the growing electrification of energy, to a more services-oriented economy and a cleaner energy mix in China, and the resilience of shale gas and tight oil in the United States, the Paris based agency said in its report.

Rapid deployment of solar photovoltaics (PV), led by China and India, will help solar energy become the largest source of low-carbon capacity by 2040, the report said.

The energy agency has also predicted that electricity demand in India would double by 2040. It would be 2,504 billion units (BU), as opposed to 1,154 BU in financial year (2016-17).

Source: ANI