Betul (South Goa), Jan 27 (PTI) India has become a decisive driver of global demand as its fast-growing economy will propel consumption across sectors - from rising air travel to data centres, UAE Minister
said Tuesday.
Speaking at the India Energy Week here, UEA's Minister for Industry and ADNOC CEO Sultan Al Jaber said India does not progress in increments, it goes for quantum leaps with air travel alone jumping 150 per cent in next 15 years.
Some look at today's energy landscape in light of volatility, shifting supply dynamics, geopolitical shocks, and technological disruption.
"I see it differently. Behind the current turbulence is a bigger picture of transformation at scale. And transformation rewards those who move boldly, not those who wait for calm seas," he said.
Three powerful megatrends that define the story of energy today are the rise of emerging markets led by Asia and India, the exponential growth of AI and the rapid expansion of digital infrastructure, and the transformation of energy systems - not a formula-based on a single source, but an integration of many.
Together, these megatrends are driving the largest expansion of energy demand in human history, faster, broader and more complex than anything seen before, he said.
Between now and 2040, oil demand will remain above 100 million barrels per day. Demand for LNG will climb over 50 per cent. Electricity demand will also grow by 50 per cent.
The demand drivers are not just that electricity required to run data centres and AI, air conditioning will reshape energy markets just as fast, he said adding by 2050 the world will have 5.6 billion air conditioners, up from 1.6 billion today. That is ten new units sold every second for the next 30 years.
"At the heart of all three megatrends sits one nation - and that is India," he said. "As the world's third largest energy consumer, it (India) has become a decisive driver of global demand. Over the next 15 years, air travel in India will grow by 150 per cent. India's cities will approach one billion people. And its data center capacity will increase ten-fold," he said.
To meet such demand, the country needs a special kind of partnership that is strategic, long-term, agile, and flexible. Partnership that is steadfast, dependable, principled, and consistent. And partnership that is based on trust and will endure through thick and thin.
"That is precisely what defines the UAE-India relationship," he said. Last year, trade between our two countries passed the USD 100-billion mark, a record high, spanning technology, logistics, infrastructure, health, education, culture, tourism, and of course, energy."
And just last week, UAE President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Modi agreed to double bilateral trade to USD 200 billion by 2032.
"This is the scale of our shared ambition," he said. "And when it comes to energy: As India consumes more crude to fuel its refineries, ADNOC is proud to be a trusted, dependable supplier. As India aims to double natural gas in its energy mix, we have made this nation our number one market for LNG.
“As millions of Indian households turn to cleaner cooking fuels, we are already India's largest supplier of LPG," he added.
UAE, he said, will continue to supply feedstocks and chemicals for India's petrochemical and industrial needs.
And as India builds out its renewable energy capacity, UAE is investing alongside, across 11 gigawatts of solar, wind, and storage through global climate investment vehicle, Alterra.
"Demand at this scale and pace requires investment in all forms of energy. The biggest risk is not over supply, it is underinvestment," he said. PTI ANZ DR
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