+
India's energy consumption to surge 90% by 2050: Rosneft CEO
POWER & RENEWABLE ENERGY

India's energy consumption to surge 90% by 2050: Rosneft CEO

Rosneft, Russia's largest oil producer, Igor Sechin, the Chief Executive Officer, stated that India's end-use energy consumption is poised to increase by 90 per cent by 2050, marking one of the fastest growth rates globally. Sechin addressed prominent global business and political figures at the Energy Panel of the 27th St. Petersburg International Economic Forum (SPIEF). In his keynote speech titled "Energy transition and phantom barrels," he provided a comprehensive analysis of the current state of the energy market and highlighted key challenges facing the industry. He projected that over the next five years, India is expected to sustain its robust economic momentum and emerge as one of the top three largest economies globally, with a GDP of $ 5 trillion. Additionally, he forecasted that by 2050, India would surpass the US in terms of economic size. Sechin also noted that India's end-use energy consumption is forecasted to surge by 90 per cent by 2050, registering one of the fastest growth rates globally.

During discussions on global preparations for energy transition, Sechin criticised the emphasis on the anthropogenic factor in climate change discourse and questioned the effectiveness of energy transition initiatives in addressing environmental concerns. He highlighted the insights of renowned physicist Pyotr Leonidovich Kapitsa, who predicted challenges in energy production due to the inefficiency of alternative energy sources. Although Sechin acknowledged hydrogen as a promising clean fuel, he highlighted current limitations in production technology, logistics, and market readiness. He emphasized that while renewable energy contributes less than 5 per cent to global energy production and electric vehicles represent only about 3 per cent, the consumption of oil, gas, and coal continues to rise. Sechin stressed that a well-balanced energy transition should prioritize the interests of the majority, particularly developing countries, to ensure future energy consumption growth. He also noted that achieving energy security requires ensuring the sufficiency, affordability, and reliability of energy sources.

Rosneft, Russia's largest oil producer, Igor Sechin, the Chief Executive Officer, stated that India's end-use energy consumption is poised to increase by 90 per cent by 2050, marking one of the fastest growth rates globally. Sechin addressed prominent global business and political figures at the Energy Panel of the 27th St. Petersburg International Economic Forum (SPIEF). In his keynote speech titled Energy transition and phantom barrels, he provided a comprehensive analysis of the current state of the energy market and highlighted key challenges facing the industry. He projected that over the next five years, India is expected to sustain its robust economic momentum and emerge as one of the top three largest economies globally, with a GDP of $ 5 trillion. Additionally, he forecasted that by 2050, India would surpass the US in terms of economic size. Sechin also noted that India's end-use energy consumption is forecasted to surge by 90 per cent by 2050, registering one of the fastest growth rates globally. During discussions on global preparations for energy transition, Sechin criticised the emphasis on the anthropogenic factor in climate change discourse and questioned the effectiveness of energy transition initiatives in addressing environmental concerns. He highlighted the insights of renowned physicist Pyotr Leonidovich Kapitsa, who predicted challenges in energy production due to the inefficiency of alternative energy sources. Although Sechin acknowledged hydrogen as a promising clean fuel, he highlighted current limitations in production technology, logistics, and market readiness. He emphasized that while renewable energy contributes less than 5 per cent to global energy production and electric vehicles represent only about 3 per cent, the consumption of oil, gas, and coal continues to rise. Sechin stressed that a well-balanced energy transition should prioritize the interests of the majority, particularly developing countries, to ensure future energy consumption growth. He also noted that achieving energy security requires ensuring the sufficiency, affordability, and reliability of energy sources.

Next Story
Technology

Minda, Qualcomm Join Forces for Smart Auto Cockpit Tech

Minda Corporation Limited, the flagship of the Spark Minda Group, has announced a strategic partnership with Qualcomm Technologies, Inc. to develop intelligent and connected cockpit solutions for the Indian automotive market. The upcoming smart interface will be powered by Qualcomm’s Snapdragon Cockpit Platform.Commenting on the collaboration, Suresh D, Group CTO of Minda Corporation, said, “This partnership with Qualcomm Technologies marks a major milestone in advancing Minda’s digital cockpit capabilities. By utilising Qualcomm’s cutting-edge automotive platforms, we can now offer se..

Next Story
Infrastructure Transport

Railways Spent Rs 604.7 Billion on Passenger Subsidy in FY24

New Delhi – The Indian Railways provisionally spent Rs 604.7 billion in subsidies during the financial year 2023–24, covering 45 per cent of passenger travel costs, Railway Minister Ashwini Vaishnaw informed the Lok Sabha on Wednesday.In a written response to questions from multiple Members of Parliament regarding the recent rail fare hike, Vaishnaw stated that the Indian Railways continues to offer one of the most affordable transport services globally, ferrying over 7.2 billion passengers annually."The total amount of subsidy provided in FY 2023–24 on passenger travel is provisionally ..

Next Story
Infrastructure Urban

Auto Sector Can Cut Emissions by 87% by 2050: CEEW

India’s automobile industry could reduce its manufacturing emissions by 87 per cent by 2050 through a shift to green electricity and low-carbon steel, according to a study released by the Council on Energy, Environment and Water (CEEW).The report estimates that if original equipment manufacturers (OEMs) and their suppliers target net-zero emissions by 2050, annual emissions could fall from a projected 64 million tonnes of CO₂ (under the business-as-usual scenario) to just 9 million tonnes. This would require OEMs to adopt 100 per cent green electricity and steel suppliers to source 56 per ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?