India’s 2070 net zero target will not meet peak oil demand target -HPCL

A man cleans an oil tanker parked outside a Hindustan Petroleum fuel depot in Mumbai, India on October 6, 2017. REUTERS / Danish Siddiqui

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NEW DELHI, Nov 2 (Reuters) – India’s goal of net zero emissions by 2070 will not impact peak oil demand forecasts for the world’s third largest importer and consumer of oil , the chairman of state refiner Hindustan Petroleum Corp (HPCL.NS) mentioned.

Prime Minister Narendra Modi announced Monday, 2070, as a target for India to achieve net zero carbon emissions. He said that by 2030, the share of renewables in India’s energy mix would drop from 38% to 50% and projected emissions would be reduced by one billion tonnes.

“Based on the energy needs of the country, we need to orient towards the different forms of energy and we need different forms of energy to meet the growing needs of the country,” MK Surana said at a conference. hurry.

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“And based on the current assessment, the peak demand for oil is not expected to be until 2040.”

India imports around 85% of its oil needs and is considered to be one of the main drivers of growth in global oil demand.

The International Energy Agency (IEA) in its World Energy Outlook 2021 estimated that India’s oil demand could reach 9.2 million barrels per day (bpd) by 2050 and 7.2 million bpd in 2030 compared to around 4.8 million bpd in 2019.

In its previous report focusing on India, the IEA said the country could consume 8.7 million barrels per day of oil by 2040.

India, the world’s third-largest emitter, is accelerating the use of natural gas, biofuels, ethanol blended with gasoline, and the use of green hydrogen, among others, to reduce its carbon footprint.

Surana said India would need both new sources of energy and conventional fuels to meet growing local demand for a smooth transition to cleaner energy to avoid any shortages.

The country has experienced its worst energy crisis in years due to fuel shortages, despite having the fourth largest coal reserves in the world.

Surana also hoped that India’s diesel demand would continue to stay above its pre-COVID level due to increased industrial activity, recovery in demand from the agricultural sector, COVID-related restrictions relaxed and vaccination increases that have alleviated fears of a third wave of infections.

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Reporting by Nidhi Verma; Editing by Andrea Ricci

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Felix J. Dixon