India will have to face and address multiple challenges as it re-configures its energy mix in tune with the target of net zero emissions by 2070, says Yezdi Nagporewalla, CEO, KPMG in India. He believes the country is taking the right steps on multiple fronts in this context. India, for instance, will have the world’s third-largest installed battery storage capacity in place by 2030 to accommodate the rising share of variable renewable energy, he tells Arunima Bharadwaj.
How do you see growth of energy companies going forward?
Energy markets are indeed facing significant volatility. However, energy companies are expected to continue growing. Amid geopolitical friction, trade tensions and economic uncertainty, CEOs in the energy, natural resources and chemicals (ENRC) sectors are responding with confidence and optimism. About 78% of CEOs are confident in the global economy’s growth prospects over the next three years, as per KPMG 2024 ENRC CEO Outlook.
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Other factors that could help in energy companies moving forward would be strategic agility, and technological innovation, sustainability and environmental and social governance. One of the key aspects that was highlighted in our study titled ‘ACED through AI’ reveals that AI can significantly speed up resource identification, land procurement, and interconnection management, reducing costs and uncertainties.
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The COP28 declaration aims to triple renewable energy capacity and double energy efficiency improvements by 2030, underscoring the importance of sustainability in future growth.
What is your outlook for Indian energy and power sector for the next decade?
The sector is poised for significant growth over the next decade, driven by rising energy demand and a strong push towards renewable energy. India is poised to face a higher increase in energy demand than any other country over the next decade mainly because of its size and the scale of rising demand from all sectors. This is according to the International Energy Agency (IEA ) which came out with its World Energy Outlook recently.
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