‘Renewables to overtake India’s oil output in 2035’
India’s demand for green energy is expected to grow sevenfold by 2035, according to the latest BP Energy Outlook released on Wednesday.
Accordingly, the share of renewable energy in the country’s fuel mix will increase from 2% at present to 8%.
However, the green surge will still be inadequate to meet India’s growing need for energy, with the country’s demand growth expected to be more than two times that of the non-OECD countries’ average of 52%.
OECD countries refer to the 35 nations that are signatories to the Convention on the Organisation for Economic Co-operation and Development, and mostly comprise mature economies.
India, the world’s third largest energy-consuming economy after the US and China, plans to achieve 175 gigawatts (GW) of renewable energy capacity by 2022 as part of its commitments to the United Nations Framework Convention on Climate Change adopted by 195 countries in Paris in December 2015.
“The global energy landscape is changing. Traditional centres of demand are being overtaken by fast-growing emerging markets. The energy mix is shifting, driven by technological improvements and environmen- tal concerns. More than ever, our industry needs to adapt to meet those changing energy needs,” said Bob Dudley, BP group chief executive, in a statement.
According to the report, an annual feature published by British energy firm BP Plc, the growth in India’s energy demand is expected to outpace the other so-called BRIC (Brazil, Russia, China, India) countries.
India’s energy demand is expected to grow by 129%, while China and Brazil’s energy demand will grow by 47% and 41%, respectively. Russia’s energy demand is expected to grow by 2%.
“Coal remains the dominant fuel produced in India with a 65% share of total production in 2035. Renewables overtake oil as the second largest, increasing from 4% to 14% in 2035 as oil drops from 10% today to 3% by 2035,” the report said.
country’s largest carmaker, Maruti Suzuki India, on Friday hiked prices of its entire product range by up to ₹8,014 with immediate effect.
The price hike is in the range of ₹1,500 to ₹8,014 (ex-showroom Delhi) across models, Maruti Suzuki India (MSI) said in a statement.
“The hike in car prices is because of increase in the commodity, transportation and administrative costs,” it further added.
The company sells a range of models starting from hatchback Alto 800 to premium crossover S-Cross, priced between ₹2.45 lakh and ₹12.03 lakh (ex-showroom Delhi).
In August last year, MSI had hiked the prices of its compact SUV Vitara Brezza by ₹20,000 and that of premium hatchback Baleno by ₹10,000.
On a select range of models, the price hike was between ₹1,500 and ₹5,000.
Last year, various car makers like Hyundai Motor India, Mahindra & Mahindra, Nissan, Toyota, Renault, MercedesBenz India and Tata Motors had announced hikes in prices of their vehicles from January citing rise in input costs and adverse foreign exchange impact.