Abstract:
Economic growth, expanding population and accompanying structural changes strongly lead to increase in the world energy demand by 25% from 2014 to 2040. World’s liquid fuel demand is expected to grow from 90 million barrels/per day (b/d) in 2012 to 100 million b/d in 2020 and to 121 million b/d in 2040. About 95% of current transportation energy needs are met by petroleum. The burning of these fossil fuels would result in increasing the worldwide energy-related CO2 emissions from 32.2 billion metric tonnes (BMT) in 2012 to 35.6 BMT in 2020 and 43.2 BMT in 2040 (IEA 2016). Therefore, the transition from a fossil fuel-based economy to renewable fuel based economy will inevitably take place in the foreseeable future.
India is one of the fastest developing countries in the world with an ever-increasing economy and is projected to grow by 7.7% in the fiscal year 2017-18 (World Bank, Global Economic Prospects). The Ministry of Statistics confirms that the country still depends on coal and lignite for its energy requirements followed by petroleum.1-2 India imports around 80% of its fuel demand and transportation sector consume around 40% of oil demand. Hence, with the rapid depletion of our available reservoirs, rising environmental hazards and pollution; cheaper and clean energy resources should be considered and exploited to meet the nation's energy requirements and to diminish the greenhouse effect.
