India Invests in Renewable, Nuclear, and Oil Sectors to Meet Energy Demand and Achieve Net Zero by 2070
India is significantly investing in renewable and nuclear energy while also expanding its oil production and refining capacity to address its growing energy needs. With a 'Net Zero' target set for 2070 and a goal for 50% of installed electricity capacity from non-fossil sources by 2030, India faces a dual challenge of ensuring energy security for its 1.5 billion people.
Energy consumption has surged by 20% since 2019, reaching 36.2 quadrillion BTU, making India the third-largest energy consumer globally. The country aims to increase its solar capacity to over 100 gigawatts and hydroelectric capacity to 67 gigawatts by 2032.
Concurrently, India plans to boost domestic oil production to meet a projected one-third of global oil demand increase by 2030, reforming regulations to attract international investment. The focus on cleaner extraction methods and advanced technologies is also critical to reducing emissions, particularly methane.
