World Energy Outlook 2024: India’s Energy Demand Surge

Why in the news?

The International Energy Agency’s World Energy Outlook 2024 report highlights India as having the highest anticipated energy demand growth globally, with significant projections for electricity generation, vehicle increase, and coal utilisation, reflecting India’s expanding energy needs.

About World Energy Outlook 2024:

  • Release: The World Energy Outlook 2024 report, published by the International Energy Agency (IEA), highlights global energy trends and projections.
  • Key Findings: The report indicates that the world faces persistent geopolitical challenges but also has access to abundant fuels and clean energy technologies.

World Energy Outlook 2024: India’s Energy Demand Surge

Projections for Global Energy Demand:

  • Electricity Demand: Global electricity demand is expected to grow significantly, equivalent to Japan’s annual consumption added each year.
  • Energy Mix: Low-emission energy sources are forecasted to account for over half of global electricity generation by 2030.
  • Demand for coal, oil, and gas is projected to peak by the end of this decade.

Insights on India’s Energy Future:

  • Rising Demand: India is expected to experience the highest increase in energy demand worldwide over the next decade, driven by growth in various sectors.
  • Automobiles and Construction: The country is on track to add over 12,000 cars daily and increase built-up space by over 1 billion square metres annually by 2035.
  • Coal Utilisation: Coal will remain a significant part of India’s energy mix, with an expected 15% increase in coal-based electricity generation and a 50% rise in coal use within industries by Total energy demand in India is projected to rise by 35%, with electricity capacity nearly tripling to 1,400 GW.

International Energy Agency (IEA):

  • Established in 1974 by OECD member countries in response to the 1973-1974 oil crisis.
  • Expanded focus includes energy security, economic development, and clean energy.
  • Functions as an autonomous forum offering analysis, data, and policy recommendations for secure, sustainable energy.
  • Headquartered: in Paris, France.

Membership:

  • Comprises 31 member countries, 13 association countries (including India), and 4 accession countries.
  • Candidate countries must be OECD members.

Major Publications:

  • World Energy Outlook
  • India Energy Outlook
  • World Energy Investment Report
  • Technology Roadmap and Policy Pathway series
  • Annual Energy Efficiency Market Report
  • Energy Technology Perspectives

Sources Referred:

PIB, The Hindu, Indian Express,Hindustan Times