India to become energy independent by 2047: American Study
New Delhi, Mar 20 (Frosh News) By the year 2047 India can achieve its vision of ‘energy independence’, as per U.S. Department of Energy’s Lawrence Berkeley National Laboratory (Berkeley Lab).
According to a new study ‘Pathways to Atmanirbhar Bharat’ by the Berkeley Lab, that achieving “energy independence” will generate significant economic, environmental, and energy benefits.
This includes USD 2.5 trillion in consumer savings through 2047, reducing fossil fuel import expenditure by 90 per cent or USD 240 billion per year by 2047, enhancing India’s industrial competitiveness globally, and enabling India’s net-zero commitment ahead of schedule.
Owing to India’s rapid economic growth India’s energy demand will quadruple in the coming decades.
Currently, it must import 90 per cent of the oil, 80 per cent of the industrial coal, and 40 per cent of the natural gas it consumes.
“Price and supply volatility in the global energy markets, as witnessed in recent years, strain India’s foreign exchange reserves, resulting in economy-wide inflation,” said the report. (Frosh News Bureau)