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India’s energy transition reflects its robust economic growth, with a fast-expanding middle class and rapid urbanization.
The nation is the third-largest consumer of energy globally, according to data from S&P Global Commodity Insights. Total primary energy demand more than doubled from 2000 to 2020, surging to 937 million tons of oil equivalent (Mtoe) from 417 Mtoe. Still, India’s energy consumption per capita is less than 1/10th of the US’s.
How India meets its growing energy demand and changes its primary energy mix over the coming decade will substantially influence global energy markets and help determine if, and when, global emissions targets are reached.
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Many governments around the world have been making progress mobilizing public and private capital to accelerate the energy transition, with significant money inflows into projects in recent years. These inflows are necessary to meet the tripling of funding needs for low-carbon projects across sectors by 2030 to meet 2050 net-zero goals.
The private debt market has grown tenfold in the past decade with assets under management of funds primarily involved in direct lending surging to $412 billion at end-2020—spurred in part by investors’ search for higher yield.
Without a quick end to the conflict on the horizon, the effects of the Russian invasion of Ukraine are being seen in equities, energy, global trade and commodities markets.
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