NEW DELHI: With slowing energy demand growth in China, India will account for almost one-third of global growth to 2040, said the World Energy Outlook (WEO) by International Energy Agency (IEA).
The report suggested that over the next two decades, the global energy system would be reshaped by four major forces: the United States as it becomes global oil and gas leader, rapid deployment of renewables, growing share of electricity in the energy mix, and China's new economic strategy taking it on a cleaner growth mode, reports The Business Standard.
WEO further noted that Solar PV would lead capacity additions, pushed by deployment in China and India.
It said the developing countries in Asia account for two-thirds of global energy growth, with the rest coming mainly from the Middle East, Africa and Latin America. The largest contribution to demand growth – almost 30 per cent – would come from India, whose share of global energy would rise to 11 per cent by 2040, it said.
"Electric vehicles (EVs) are in the fast lane as a result of government support and declining battery costs but it is far too early to write the obituary of oil, as growth for trucks, aviation, petrochemicals, shipping and aviation keep pushing demand higher. The US becomes the undisputed leader for oil and gas production for decades, which represents a major upheaval for international market dynamics,” said Dr Fatih Birol, IEA's executive director.