Author: Royal Isebella

Publisher:

Published: 2023-11-02

Total Pages: 0

ISBN-13: 9782997695513

The Path to Sustainable Development The sustainable development of a nation hinges primarily on its progress across various facets of trade, commerce, and industry. Energy emerges as the pivotal factor essential for achieving sustainable growth. India's Energy Dilemma The International Energy Agency asserts that India, as a developing nation, currently occupies the fourth position globally in terms of energy consumption. However, India's energy requirements are predominantly met by fossil fuels and conventional sources. The per capita energy consumption in India stands at one-third of the global average. Despite a steady rise in energy consumption, approximately 240 million people still lack access to reliable power sources. The Escalating Demand Over the past few decades, India has experienced a compound annual growth rate of 6% in energy consumption. Projections indicate that energy consumption is set to increase by 128% by 2035. Energy management has transcended being a mere day-to-day activity and is now integrated into various operational sectors, including households, industries, transportation, commerce, and others. Energy management not only focuses on energy conservation but also on efficient resource utilization at an optimal level. This process involves analyzing current energy consumption and forecasting future energy requirements. Seeking Sustainable Solutions However, the heavy reliance on fossil fuels for energy poses a significant threat to sustainable development due to its adverse effects on the environment and climate. Fortunately, there are numerous renewable energy resources such as bioenergy, small hydroenergy, geothermal energy, wind energy, and solar energy that can be harnessed to address the growing energy demands. Global Energy Landscape In the global energy landscape, the leading electricity-producing nations include the USA, China, Japan, Russia, India, Germany, Canada, and France, as reported by the BP statistical energy survey in 2007. India's Energy Future India, as a rapidly developing economy in this technologically advanced era, faces an ever-increasing demand for energy. The country heavily relies on coal, which accounts for 58% of its primary energy consumption. However, predictions suggest that coal reserves may become depleted by 2040-2050. India's trajectory of growth and its ongoing evolution have created a significant disparity between energy demand and supply. This underscores the urgent need to formulate and execute an 'aggressive growth plan' to meet the challenges of escalating energy demand. Failure to do so could place a substantial fiscal burden on the Indian Government's energy conservation efforts.