India will become the world’s greatest growth market of energy by 2040, a report from British Petroleum (BP) Energy. The report released earlier in the month in New York, forecasts growing influence of emerging economies on world energy markets and said they would become major players as living standards improved there. Demand for oil and energy sources will be symbiotic with this improved living standard, the report said.
The hunger for energy supplies in these countries will run the gamut and see a rise in demand for coal, oil and gas, and green renewable sources such as solar and wind power. In fact, natural gas will undergo great growth and replace coal as the second largest source of energy, particularly as such giant energy consumers like China move away from coal because of its polluting effects. However, China will still account for 40 per cent of global coal demand in 2040.
The report said:
India’s slowing in demand growth is less pronounced and by the early 2030s it overtakes China as the world’s fastest growing market for energy. In the latter stages of the Outlook, Africa also plays an increasingly important role in driving energy demand, contributing more to global demand growth from 2035 to 2040 than China.