India To Account For Nearly 10% Of Global Energy Demand By 2050: Hardeep Singh Puri At India Energy Week 2026
Minister Puri said conventional fuels will remain vital alongside renewables as India and other emerging economies drive most of the world’s future energy demand.
Published : January 27, 2026 at 4:31 PM IST
By Surabhi Gupta
New Delhi: Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, on Tuesday, while addressing the inaugural session of the fourth edition of India Energy Week (IEW) 2026 in Goa, said India Energy Week has steadily evolved into a trusted global forum, a transformation reflected in the scale and diversity of participation this year. IEW 2026 is hosting over 75,000 energy professionals, marking a 36 per cent increase compared to the 2024 edition in Goa, along with more than 700 exhibiting companies, up 57 per cent from the previous edition. Delegates from over 120 countries, 10 country pavilions and 11 thematic zones are part of the event, while more than 550 global speakers will engage across over 110 strategic and technical sessions.
“This year’s theme, ‘Energizing Growth, Securing Economies and Enriching Lives,’ captures the multifaceted role energy plays in driving economic progress, strengthening resilience and improving human well-being,” the minister said. He added that the strategic conference is further enriched by a wide range of side events, including the India–Arab Energy Dialogue, the Conference on Compressed Biogas, startup challenges such as Avinya 3.0 and Vasudha 3.0, and dedicated hackathons, ensuring engagement across policy, markets, technology and innovation.
Puri noted that since the last edition in New Delhi, pressures on the global energy system have intensified due to geopolitical shifts and structural changes. Nearly 80 per cent of incremental global energy demand, he said, now comes from emerging and developing economies, with Developing Asia accounting for close to 60 per cent. As access to mobility, cooling and digital services expands, energy demand will continue to grow in both scale and complexity. At the same time, he underlined the persistent challenge of energy equity, pointing out that around 730 million people still lack access to electricity and nearly two billion continue to rely on harmful cooking methods.
Highlighting the dynamics of the energy transition, the minister said renewables have grown rapidly over the past decade, with their share in global electricity generation rising from about one-fifth to nearly one-third. However, he cautioned that conventional energy remains critical. “If investment in existing oil and gas production were to stop today, global oil output would decline by around 8 per cent annually over the next decade,” he said, emphasising that energy history has been about addition rather than outright replacement. Energy transition, security and system resilience, he stressed, must move forward together.
Positioning India at the centre of this transformation, Puri said the country, now the world’s third-largest energy consumer, will see its energy demand continue to expand across all sources. By 2050, India’s share of global energy demand is projected to rise to around 10 per cent, even as its per capita consumption remains about 40 per cent of the global average. The government has developed a number of reforms in support of the continued growth, including the amendment to the Oilfields (Regulation and Development) Act, 2025, as well as the New Petroleum and Natural Gas Rules (2025) to further improve the upstream economic sector by providing time-limited approvals and creating long-term lease stability.
In addition, the Minister demonstrated how consumers are being safeguarded against the global price fluctuations that occurred during the last few years by pointing out that fuel prices in Delhi were lower in 2025 than in 2021, while fuel prices rose sharply in many of the world's largest economies during the same period. As a result of maintaining over 100 million PMUY beneficiaries' LPG prices among the lowest globally, the government is protecting consumers as well. In addition, by achieving close to 20% ethanol blending in 2025, India has made significant progress toward achieving its clean energy goals, generating substantial foreign exchange savings, and providing support to rural farmers.
Progress in compressed biogas, bioenergy and nuclear power, where India has raised its ambition to 100 GW by 2047, was also underscored.
Puri pointed to shipbuilding and maritime infrastructure as emerging growth engines, supported by an $8 billion government package and near-term investment opportunities of around $5 billion in oil and gas trade vessels. He also highlighted India’s rise as a global hub for Global Capability Centres, with the sector projected to reach $105 billion by 2030.
Concluding his address, Puri said India stands ready to work with global partners to build an energy future that is secure, resilient and inclusive. “India Energy Week brings together the ideas, expertise and leadership needed to convert dialogue into delivery,” he said.
The inaugural ceremony was attended by UAE Minister of Industry and Advanced Technology and ADNOC Managing Director Sultan Al Jaber, Canada’s Minister of Energy and Natural Resources Tim Hodgson, Goa Chief Minister Pramod Sawant, and other international dignitaries and delegates.
