Energy Trajectory in India: Challenges and Opportunities for Innovation

Abstract

Energy plays a pivotal role in the development of a region. Increasing dependency on fossil fuels has caused serious concerns at the local (energy dependency, pollution, etc.) and global (global warming, GHG emissions, etc.) levels. Harvesting of energy depends on the availability of resources apart from the economic viability and technical feasibility of meeting the demand. The energy requirement of India is mainly supplied by coal and lignite (19378.24 PJ), followed by crude oil and petroleum products (18432.96 PJ) and electricity (7562.24 PJ). However, energy consumption in rural India is largely dependent on non-conventional energy sources due to the availability, possibility of rapid extraction, and appropriate technologies. Globalization and consequent opening up of Indian markets has led to urbanization with the enhanced energy demand in the industrial and infrastructure sectors. The perishing stock of fossil fuel coupled with the growing concerns of climate change has necessitated the exploration of cost effective, environment friendly, and sustainable energy alternatives.