https://sputniknews.in/20240206/indias-oil-demand-to-reach-38-million-barrels-by-2045-modi-6457365.html
India's Oil Demand to Reach 38 Million Barrels by 2045: Modi
India's Oil Demand to Reach 38 Million Barrels by 2045: Modi
Sputnik India
Indian Prime Minister Narendra Modi said on Tuesday that the country's oil demand will double by 2045 from the current level of 19 million barrels.
2024-02-06T16:12+0530
2024-02-06T16:12+0530
2024-02-06T17:28+0530
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Indian Prime Minister Narendra Modi said on Tuesday that the country's oil demand will double by 2045 from the current level of 19 million barrels.He noted that India is the world's third-largest energy, oil and liquified petroleum gas (LPG) consumer.Highlighting efforts to ensure affordable fuel, the prime minister said that despite adverse global factors, India achieved 100 percent electricity coverage by connecting millions of houses. "India is not just meeting its needs but is also determining the global direction," he said.India, the world's third-biggest oil importer, is dependent on crude oil from various sources in the global market to meet its domestic demand.Moscow became India's leading supplier of oil last year as the share of imports from Russia increased to about two-fifths in the first half of the fiscal year 2023–2024, according to industry data.Modi also stressed the need to achieve a net-zero emissions target, with the country soon becoming a production and export hub for green hydrogen."India's carbon emission share is just 4 percent globally, but still we are improving on our energy mix for a sustainable future. India is emphasizing the development of environmentally conscious energy sources to enhance our energy mix. Our goal is to achieve Net Zero Emission by 2070," he said.Modi also added that India will invest $67 billion in energy in the next 5-6 years.He had earlier pledged to reach 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables to reducing emissions by 1 billion tonnes by 2030.
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India's Oil Demand to Reach 38 Million Barrels by 2045: Modi
16:12 06.02.2024 (Updated: 17:28 06.02.2024) Deexa Khanduri
Sputnik correspondent
Indian Prime Minister Narendra Modi was speaking at the inaugural session of India Energy Week (IEW), where he announced an investment of $67 billion in the energy sector over the next five years.
Indian Prime Minister Narendra Modi said on Tuesday that the country's oil demand will double by 2045 from the current level of 19 million barrels.
He noted that India is the world's third-largest energy, oil and liquified petroleum gas (LPG) consumer.
Highlighting efforts to ensure affordable fuel, the prime minister said that despite adverse global factors, India achieved 100 percent electricity coverage by connecting millions of houses. "India is not just meeting its needs but is also determining the global direction," he said.
India, the world's third-biggest oil importer, is dependent on crude oil from various sources in the global market to meet its domestic demand.
Moscow became India's leading supplier of oil last year as the share of imports from Russia increased to about two-fifths in the first half of the fiscal year 2023–2024, according to industry data.
Modi also stressed the need to achieve a net-zero emissions target, with the country soon becoming a production and export hub for green hydrogen.
"India's carbon emission share is just 4 percent globally, but still we are improving on our energy mix for a sustainable future. India is emphasizing the development of environmentally conscious energy sources to enhance our energy mix. Our goal is to achieve Net Zero Emission by 2070," he said.
Modi also added that India will invest $67 billion in energy in the next 5-6 years.
He had earlier pledged to reach 500 GW of
non-fossil electricity capacity, generating half of all energy requirements from renewables to reducing emissions by 1 billion tonnes by 2030.
