India Energy Outlook 2021 report
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Why in news?
- International Energy Agency (IEA) released India Energy Outlook 2021 report.
About the findings of the report:
- India will overtake the European Union as the world's third-biggest energy consumer by 2030.
- India's energy consumption is expected to nearly double as the nation's gross domestic product (GDP) expands to an estimated $8.6 trillion by 2040 under its current national policy scenario.
- India's growing energy needs will make it more reliant on fossil fuel imports and India's oil demand is expected to rise to 8.7 million barrels per day (bpd) in 2040 from about 5 million bpd in 2019.
- Liquefied natural gas (LNG) imports are expected to quadruple to 124 billion cubic metres (bcm), or about 61% of overall gas demand by 2040.
- The International Energy Agency (IEA) is a Paris-based autonomous intergovernmental organization established in the framework of the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis.
- The IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market and other energy sectors.
- The Agency's mandate has broadened to focus on the "3Es" of effectual energy policy: energy security, economic development, and environmental protection.
- It publishes the annual ‘World Energy Outlook’ report.
” World energy outlook” report is released by:
(a)World Economic Forum
(b)UN environment program
(c)International energy agency
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