India will be the largest source of demand growth for energy by 2050, supermajor BP Plc said on Monday, as it saw an end to the relentless growth of oil globally. In its annual Energy Outlook 2020, BP said global oil consumption may never return to levels seen before the coronavirus crisis took hold.
BP report considers three scenarios – the ‘Rapid’ approach sees new policy measures leading to a significant increase in carbon prices, while the ‘Net Zero’ course reinforces Rapid with big shifts in societal behaviour. The ‘Business-as-usual’ projection assumes that government policies, technology, and social preferences continue to evolve as they have in the recent past.
“India is the largest source of demand growth out to 2050 in all three scenarios,” BP said.