India set to be the biggest energy guzzler

India would need more than Rs 900,000 crore (around $25 billion) in energy investment annually for the next 25 years to meet the energy demand of the country. It will be the largest contributor to the global demand by 2040, International Energy Agency (IEA) has said.

“India’s energy transformation requires three things: investment, investment and investment,” said IEA executive director Fatih Birol, while launching the India Energy Outlook 2015. “A lot is being done already to overhaul the energy regulatory system and get the incentives in place; this is vital, as India will need to call upon a wider range of investors and sources of finance than it has in the past,” he said.

He added that with a rapid economic growth, rising population, higher access to energy, state welfare measures, higher quality of life and the government’s increased focus on manufacturing will together fuel a big demand for energy in India. “The phase of China as the biggest energy demand driver is coming to an end and it will be replaced by India,” he added.

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