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Growth of Chinese and Indian economy poses energy threat to the world
International Energy Agency (IEA) in its press release on 7 November called for a global initiative for emerging energy challenges owing to the robust economic growth in China and India and their growing energy needs.
THE TWO RECENT trillion dollar economies of the world, China and India are going to pose serious energy challenges in the world. The International Energy Agency in its press release on 7th November 2007 says that India and China are facing huge energy challenges which are actually global energy challenges and hence the agency calls for a global response. While releasing ‘World Energy Outlook 2007 - China and India Insights’ the Agency said that this year IEA focuses on energy developments in China and India and their implications for the world. The report says:
 
“Rapid economic development will undoubtedly continue to drive up energy demand in China and India, and will contribute to a real improvement in the quality of life for more than two billion people. This is a legitimate aspiration that needs to be accommodated and supported by the rest of the world”, said Nobuo Tanaka, Executive Director of the International Energy Agency (IEA). “Indeed, most countries stand to benefit economically from China’s and India’s economic development through international trade.”
 
IEA has brought the report on energy for reference year 2030. The agency estimates say that “… world’s energy needs would be well over 50% higher in 2030 than today. China and India together account for 45% of the increase in global primary energy demand in this scenario. Both countries’ energy use is set to more than double between 2005 and 2030…..”
 
China having a population of four times of the United States overtakes it to become the world’s largest energy consumer soon after 2010.
 
 India overtakes Japan before 2025, to become the world’s third largest net importer of oil, after the United States and China.
 
The net oil imports in China and India combined by 2030 will jump from 5.4 mb/d in 2006 to 19.1 mb/d in 2030 – which is more than the current combined imports of United States and Japan.
 
To meet demand by 2030, India needs to invest about $1.25 trillion in energy infrastructure with three quarters in the power sector between 2006 and 2030. There is a need for attracting investments in electricity in a timely manner. This is a big challenge for India and will be crucial for sustaining economic growth.
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