World Energy Outlook 2023

According to the International Energy Agency (IEA)’s World Energy Outlook 2023, India is set to witness a considerable reduction in its carbon dioxide (CO2) emissions by 2050, marking a significant shift towards sustainability.

About the Report:

Source and Objective:

• This report provides a comprehensive view of how the global energy system could develop in the coming decades.
• It is designed to inform policymakers, industry stakeholders, and the general public about the challenges and opportunities in the future of energy.

Methodology:

• The report encompasses a wide range of parameters, including energy consumption, sources, policy frameworks, and global challenges.

Key Findings of the Report:

India’s Energy Outlook:

• India is projected to experience the highest growth in energy demand among countries or regions in the next three decades.
• Power consumption for household air conditioners in India is expected to increase nine-fold by 2050.
  • It will surpass current consumption levels in Africa.
• By 2030, India’s industry will emit 30% less CO2, and each kilometre driven by a passenger car will release 25% less CO2.
• These projections highlight the success of India’s multi-faceted policy approach towards meeting climate commitments without compromising growth.

Global Energy Landscape:

• The energy sector remains fragile but has effective strategies to enhance energy security and address emissions.
• Immediate pressures from the global energy crisis have subsided, but energy markets, geopolitics, and the global economy remain unsettled.
• The emergence of a new clean energy economy, led by solar PV and electric vehicles, offers hope for the future.
• Clean energy investments have surged by 40% since 2020, emphasizing the economic case for mature clean energy technologies and the significance of energy security.

Bioenergy Prospects:

• Modern bioenergy, available in solid, liquid, and gaseous forms, constitutes over half of the global renewables supply.
• Solid bioenergy (biomass) is primarily derived from organic waste sources and is often pelletized for power generation or industrial use.
• Biogas and biomethane are gaining traction, especially in Europe, as low-emission domestic gas sources.
• The total modern bioenergy supply is projected to reach around 65 EJ in the APS by 2030 and over 70 EJ in the NZE Scenario.

Renewable Energy Growth:

• Renewables are set to constitute 50% of the global electricity mix by 2030.
  • It will be up from the current 30%.
• Solar, wind, electric cars, and heat pumps are among the clean energy technologies expected to redefine global power generation and usage.
• Global demand for coal, oil, and natural gas is anticipated to decline within this decade.
• Fossil fuel’s share in the global energy supply is projected to drop from 80% to 73% by 2030.

About International Energy Agency (IEA):

• It is a Paris–based autonomous intergovernmental organization to make a collective response during major disruptions in the supply of oil.
• It was established in 1974 during the 1973 Oil Crisis [in the framework of the Organization for Economic Co-operation and Development (OECD)]
• Members: 30 member countries and 8 Association countries
  • India is an associate member of the IEA and not a member state.
• Unlike the World Bank or the International Monetary Fund (IMF), it does not dispense grants or make loans.
• Main decision-making body: Governing Board composed of energy ministers or their senior representatives from each member country.
• Focuseson the “3Es”:
  • Energy security,
  • Economic development, and
  • Environmental protection.
• It advises governments on effective policies on oil.
• Reports:
  • Global Energy & CO2 Status Report
  • World Energy Outlook; World Energy Statistics
  • World Energy Balances and Energy Technology Perspectives

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