New Delhi: Developed countries must make sincere and equitable efforts in calming down artificially high fuel prices and promote energy transition, particularly from coal to cleaner fuels such as natural gas, or else nations like India will be left with no option but to raise domestic coal production, two officials aware of the development said.
Despite major global headwinds, India is the world’s fastest growing economy that has huge energy requirements. The same cannot be met through energy imports at extremely high rates because of a supply squeeze by the producers’ cartel. Hence, India will be forced to dig more into its huge coal deposits, deferring its energy transition plans, they said, requesting anonymity.
The government’s energy transition plan includes raising the share of natural gas in India’s energy mix from 6.3% now to 15% by 2030, mainly through imports of liquefied natural gas (LNG).
