New Delhi: India must improve energy efficiency and focus on boosting renewable energy development as well as nuclear in the country to meet its growing energy demand over next 10-15 years, leaders at the World Economic Forum's 24th India Economic Summit said.
"Besides improving energy efficiency, the country must also reduce its carbon emissions to address climate change," business leaders at the WEF Economic Summit said.
"If India sustains a growth rate of seven to eight per cent, there will be a huge energy shortage," McKinsey & Company (India) Managing Director Adil Zainulbhai told the participants at a plenary session on the second day of the summit.
Efforts to meet the shortfall will likely entail the use of low-cost, dirty coal and diesel fuel, he warned.
"It is critical, therefore, to decrease demand through greater energy efficiency and to increase capacity through private sector participation in nuclear power and renewable energy projects including solar, geothermal and wind initiatives," he added.
While oil will remain the dominant source of energy for some time, nuclear energy will become increasingly important, GE India President and CEO Tejpreet Singh Chopra said, noting that the safety norms in the nuclear space have significantly increased in the last few years.
Experts at the summit said that market forces will push companies to adopt low-carbon strategies and standards—India has set off on a good course.
"This is going to be a path full of pressures and opportunities. This is the only possible route. The high-carbon picture will kill itself off. The marketplace will push it and people will push it. It is the way to overcome poverty,” India's Sun Group Chairman Nand Khemka said.
He further agreed, "Clean energy technology has been under evolution in the last number of years. Geothermal, nuclear, clean energy—India needs all of it because no one source can meet our needs."
Panellists warned that renewable energy projects are generally not yet commercially viable on a large scale and need to be given a boost through government incentives and subsidies.
"Today, solar is uneconomical for now," Chopra added.
"To be sustainable for the long term, it has to be viable without subsidies," Suzlon Energy (India) Chairman and Managing Director Tulsi R Tanti said, arguing that if the pricing of energy takes into account environmental damage, this would boost investment in and the use of renewable energy sources.
Innovation and technology are rapidly reducing development costs, he explained, adding that there are major opportunities in renewable energy in India.
New Delhi: India must improve energy efficiency and focus on boosting renewable energy development as well as nuclear in the country to meet its growing energy demand over next 10-15 years, leaders at the World Economic Forum's 24th India Economic Summit said."Besides improving energy efficiency, the country must also reduce its carbon emissions to address climate change," business leaders at the WEF Economic Summit said.
"If India sustains a growth rate of seven to eight per cent, there will be a huge energy shortage," McKinsey & Company (India) Managing Director Adil Zainulbhai told the participants at a plenary session on the second day of the summit.
Efforts to meet the shortfall will likely entail the use of low-cost, dirty coal and diesel fuel, he warned.
"It is critical, therefore, to decrease demand through greater energy efficiency and to increase capacity through private sector participation in nuclear power and renewable energy projects including solar, geothermal and wind initiatives," he added.
While oil will remain the dominant source of energy for some time, nuclear energy will become increasingly important, GE India President and CEO Tejpreet Singh Chopra said, noting that the safety norms in the nuclear space have significantly increased in the last few years.
Experts at the summit said that market forces will push companies to adopt low-carbon strategies and standards—India has set off on a good course.
"This is going to be a path full of pressures and opportunities. This is the only possible route. The high-carbon picture will kill itself off. The marketplace will push it and people will push it. It is the way to overcome poverty,” India's Sun Group Chairman Nand Khemka said.
He further agreed, "Clean energy technology has been under evolution in the last number of years. Geothermal, nuclear, clean energy—India needs all of it because no one source can meet our needs."
Panellists warned that renewable energy projects are generally not yet commercially viable on a large scale and need to be given a boost through government incentives and subsidies.
"Today, solar is uneconomical for now," Chopra added.
"To be sustainable for the long term, it has to be viable without subsidies," Suzlon Energy (India) Chairman and Managing Director Tulsi R Tanti said, arguing that if the pricing of energy takes into account environmental damage, this would boost investment in and the use of renewable energy sources.
Innovation and technology are rapidly reducing development costs, he explained, adding that there are major opportunities in renewable energy in India.
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