Energy Transition and Climate Economy

India is the third-largest energy consumer in the world and is growing at amongst the highest rate of any major economy with huge ramifications for global energy use. In 2019, India's consumption rose 2.3 per cent, higher than the global average of 1.3 per cent that saw other major economies such as Germany actually decline in energy use compared to 2018. Coal, oil and natural gas are among the most important sources of primary energy in India. However, Prime Minister Narendra Modi’s government is targeting 175 gigawatts (GW) of renewable capacity by the year 2022 and is aiming for 450 GW by 2030. As of September 2020, around has around 89 GW of energy produced from renewable sources. Accordingly, India’s energy market represents a robust opportunity for UK companies.

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