India avoided 15% of additional energy demand, oil and gas imports, and air pollution as well as 300 million tonnes of CO2 emissions between 2000 and 2018, according to a new report published by the International Energy Agency (IEA)
India is becoming increasingly influential in global energy trends. The country’s demand for energy is set to double by 2040, and its electricity demand may triple, according to report.
Indian oil consumption is expected to grow faster than that of any other major economies. This makes further improving energy security a key priority for India’s economy, says the report.
The IEA welcomes Indian government policies designed to conduct large-scale renewable energy auctions, open up coal mining to private companies, and promote access to oil and gas markets for foreign investors.
The report offers a wide range of recommendations for reforms in support of India’s goal of promoting open and well-functioning energy markets in sectors such as coal, gas and electricity. These include building strong regulators to ensure non-discriminatory access, moving from state allocation to market pricing and further rationalising energy subsidies.
The report will help India to design implementation strategies to achieve secure and sustainable energy access for its citizens.
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In India’s renewables-rich states, the share of variable renewables in electricity generation is already above 15%, a level that calls for dedicated policies to ensure they integrate smoothly into the power system.
The review also strongly encourages India to institutionalise energy policy coordination across government with a national energy policy framework.
Dr Kumar, vice-chairman of policy think tank of the Government of India NITI Aayog emphasised that India’s energy goals cannot be achieved without strong coordination of policies and targets between central and state governments, notably on electricity market design and renewable targets, and that stronger cooperation is therefore needed on these fronts.
The energy transition and renewable energy are hot topics disrupting the utility industry in India and will be a key focus at the POWERGEN INDIA and Indian Utility Week summit which takes place in New Delhi this May. For more details visit https://www.powergen-india.com/ or indian-utility-week.com
Coal Minister Joshi said: "With the support of Amitabh Kant and Dr. Rajiv Kumar, India recently launched commercial mining operations. IEA’s report will be very helpful for designing our future course of action in the energy sector."
Power and Renewable Energy Minister Singh congratulated the IEA and NITI Aayog for the launch of the report: "India’s energy policy is a global story. India has the largest unified power grid that operates in single frequency. India has moved from scarcity to surplus electricity over the past few years while implementing the largest and the fastest energy access and energy efficiency programmes in the world."