Technology for India’s energy security India is home to 17% of the world’s population but has less than 1% of its oil and gas reserves, and just 10% of its coal reserves. The good news is that a technology-driven revolution in the energy sector is unfolding around the world, and India can benefit from it. This includes technologies to produce unconventional and difficult oil and gas (such as tight reserves, deepwater reserves and high pressure, high temperature reserves), as well as advances in renewables (wind, solar, and advanced energy storage), and a range of ways to improve energy efficiency. The McKinsey Global Institute’s research India’s technology opportunity: Transforming work, empowering people finds that if India moves purposefully to harness energy technologies in the coming decade, the combined economic impact could be $50-95 billion per year for the economy in 2025. Moreover, 80-110 million more people could gain reliable access to electricity. India has always faced an energy challenge, which only grows larger. It is home to 17% of the world’s population but has less than 1% of its oil and gas reserves, and just 10% of its coal reserves. As demand doubles in the coming decade, imports could rise from about 30% of primary energy demand today to over 50% by 2030, making India one of the most energy-dependent major economies in the world. Even at current prices, every additional million tonnes of imported oil raises the current account deficit by half a billion dollars.
Posted on: Wed, 24 Dec 2014 12:22:43 +0000
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