Green Growth Strategies for Oil And Natural Gas Sector in India

Green Growth Strategies for Oil And Natural Gas Sector in India


Introduction

Resource limitations, price volatility, and the global climate catastrophe require a thorough review of current resource- and carbon-intensive development plans. Asia has been the engine of recent development, with a compound annual growth rate (CAGR) of 7.5 percent from 1990 to 2012. It is expected to expand at a pace of 5.1 percent through 2040, with India leading the way at a rate of 6%. (IEA, 2014). In order for the area to maintain the high levels of economic growth needed to meet development objectives while also addressing climate change, regional governments must devise ways to enhance energy resource efficiency. According to projections, increasing energy efficiency will account for 80% of the decrease in global carbon dioxide (CO2) emissions (IPIERCA, 2007). As a result, increasing efficiency and investing in natural capital should become the driving forces for long-term economic development (UNESCAP, 2012).

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India grew at a compound annual growth rate of 6.5 percent from 1990 to 2012, and it is projected to expand at a similar rate through 2040. (IEA, 2014). However, there are concerns regarding the growth's long-term viability. Perhaps the most important issue to answer is whether economic development has decreased socioeconomic inequalities in the nation or improved access to energy. Human progress and per capita energy use are inextricably linked (TERI, 2014). India scores lowest in the Human Development Index when compared to Brazil, Russia, China, and South Africa (HDI). Similarly, India's ratings on the International Energy Agency's (IEA) Energy Development Index (EDI) are similarly poor. In 2012, India was rated 41st out of 80 nations by the International Energy Agency (IEA) (TERI, 2014).


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Conclusion

The goal of this chapter was to discover green development opportunities in the oil and gas industry. After it evaluated the value chain where interventions have been made after giving an overview of the Indian oil and gas sector. It also highlighted other interventions that may be done by establishing a policy framework to promote sustainability. Significant efficiency improvements may be achieved owing to the energy intensive nature of the extraction, transport, and transformation of hydrocarbons, according to the chapter. Finally, it developed a public policy framework to encourage such sustainability efforts in the oil and gas industry, drawing on both local and international best practises.


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