Energy Demand in India to Rise 35%, Power Capacity to Triple by 2035

06 Nov 2024

Yezdi Nagporewalla, CEO of KPMG in India, said that India will need to address and overcome several challenges to reshape its energy mix in alignment with the goal of achieving net zero emissions by 2070. He is confident that the country is making the right progress on multiple fronts towards this objective. For example, by 2030, India is set to have the third-largest installed battery storage capacity globally, enabling it to support the increasing share of intermittent renewable energy sources.

The Future Growth of Energy Companies: What Lies Ahead?

According to the KPMG ENRC CEO, "energy markets are currently facing notable volatility, yet energy companies are projected to experience growth. Despite ongoing geopolitical tensions, trade challenges, and economic uncertainty, CEOs in the energy, natural resources, and chemicals (ENRC) sectors remain confident and optimistic. In fact, nearly 78% of CEOs are confident about the global economy's growth prospects over the next three years."

Additional factors that can drive progress for energy companies include strategic agility, technological innovation, sustainability, and strong environmental and social governance practices. A key insight from our study, 'ACED through AI,' indicates that AI has the potential to greatly expedite processes such as resource identification, land acquisition, and interconnection management, leading to reduced costs and minimized uncertainties.

The COP28 declaration seeks to triple renewable energy capacity and double energy efficiency improvements by 2030, underscoring the significance of sustainability in future development.