India's Energy Consumption to double by 2050

India's energy consumption is poised to nearly double by 2050, reflecting one of the fastest growth rates globally, according to Igor Sechin, CEO of Rosneft, a leading Russian oil producer. Speaking at the 27th St. Petersburg International Economic Forum (SPIEF), Sechin highlighted India's burgeoning economy and its significant implications for global energy demand. He predicted that the Indian economy, with its robust growth trajectory, would surpass that of the US by 2050.

Sechin's remarks, detailed in a statement from Rosneft, underscored India's anticipated economic ascent. He projected that within the next five years, India will maintain its strong economic momentum, positioning itself among the top three largest economies worldwide with a GDP of $5 trillion. By 2050, India is expected to overtake the US in terms of economic size, driven by substantial increases in energy consumption.

The statement further noted Sechin's prediction that India's end-use energy consumption will grow by 90% by 2050, underscoring the country's rapid expansion in energy needs. He emphasized that developing countries will be the primary drivers of oil consumption in the coming decades. By 2030, these nations are expected to account for 95% of global demand growth, with the highest increases projected in Asian countries, which are key trading partners for Russia.

Addressing the topic of energy transition, Sechin acknowledged the potential of hydrogen as a clean fuel but pointed out existing challenges related to production technology, logistics, and market readiness. His comments reflected a cautious stance towards the immediate feasibility of a complete shift to hydrogen and other green energy sources, emphasizing the continuing relevance of fossil fuels in meeting the world's growing energy demands.