Every country has to find its own solutions for energy transition and bringing down its dependence on fossil fuels, and India is no different. The country’s dependence on fossil fuel will remain high and the Indian subcontinent will experience the world’s greatest growth in LNG over the next 30 years.
“While we forecast the global dependence on fossil fuels will come down to 50 per cent from the current 80 per cent by 2050, India’s dependence will be higher at 65 per cent by 2050,” said Liv Astri Hovem, Chief Executive Officer, Oil & Gas, DNV GL.
Hovem, who was recently in India for the World Energy Policy Summit, said, “Solutions for energy transition depend on what natural resources are available and the historical infrastructure available in a country. This enables developing an easier route for transition to cleaner energy.”
Norway-headquartered DNV GL provides integrated technical assurance and advisory services to operators, suppliers and regulators across the oil and gas value chain, from project initiation to de-commissioning.
Growth in demand
“What we see in India is that still 65 per cent of the energy demand will be met through fossil fuel in 2050 compared to 80 per cent today, while globally the split between fossil fuels and renewable energy will be 50-50 by mid-century. And the reason for this will be the high growth in energy demand, which India has,” she told BusinessLine.
Globally, according to DNV GL’s recently-published Energy Transition Outlook, the demand for energy will peak in the mid-2030s — meaning that the world will need less energy, mainly due to electrification and increased efficiency. India will not see similar decline due to its growth.