India currently imports 90% of its oil consumption, 40% of its gas consumption, and 20% of its coal consumption. That makes it vulnerable to fluctuations in global energy prices and supply disruptions. India can be Energy Independent by 2047. Only clean energy can meet India’s growing energy needs and achieves near complete energy independence by 2047.
Oil, gas, and coal prices have shown significant volatility in the past few years due to geopolitical tensions. This leads to a strain on the country’s balance of payments and economy-wide inflation. reportsrecords.com
CLEAN ENERGY CAN ENABLE INDIA’S ENERGY INDEPENDENCE BY 2047
Total primary energy consumption would double from 652 Mtoe in 2022 to ~1181 Mtoe by 2047. Roughly 39% of the primary energy supply in 2047 is to be imported. Over 90% of oil consumption and 70% of coking coal consumption. It would cost INR 2.1 million crores.
In contrast, the CLEAN-India scenario would reduce fossil fuel imports to INR 112,500 crores by 2047. Oil imports would decrease to 27 Mtoe and industrial coking coal imports decreasing to below 5 Mtoe.
While India has made significant progress in the domestic manufacturing of clean technologies, there are concerns about the availability and supply security of lithium and other critical minerals used in them, especially in batteries.
Total cumulative lithium requirements between 2022 and 2040 would be roughly 1.9 million tons. For electric vehicles, 1.7 million tons of lithium would be consumed.
Lithium for Clean Energy
In a recent development, India has a reserve of 5.9 million tons of lithium. It is substantially larger than the cumulative lithium requirement over the next 20 or so years.
Study shows, recycling and reusing large portions of lithium in spent car batteries is a better alternative. Recycling of lithium in retiring EV batteries could meet half of the annual lithium demand in the 2040s.
