Sector initiatives part of strategy to be among world’s fastest renewable energy markets
India’s investments in renewable energy have accelerated in recent years. Traditional energy sources that use hydrocarbon resources are being replaced with green energy like solar, wind, and hydrogen for newer capacity additions. The impact may be slow, but we’re not far from a big disruption.
From a green energy transition standpoint, India, like any other country in the world was a non-player in the renewable energy segment till about 2010. However, over the past decade, India has emerged as one of the fastest-growing renewable energy markets in the world.
Today, we are sitting at about 160 gigawatts (GW) of capacity, and with the government’s ambition, we need to add about 30GW over the next eight years. The speed at which India has adapted to this change has helped it gain expertise in building large-scale projects such as Bhadla Solar Park, the world’s single largest solar power facility.
India has also made some substantial progress in domestic solar module manufacturing capacity in recent years and we are way ahead in our efforts to achieve the national target of 280GW of solar power generation capacity by 2030. However this also requires a stronger push in output and strategy,
India has seen many start-ups in the renewable energy space and making significant investment in R&D. Global players look at India as one of the most lucrative geographies for investment in renewables. Even some traditional companies, who started producing energy from hydropower plants, have expanded their portfolio over the years to include thermal power and stand at a 70-30 mix of thermal and renewables today.
In India, many of the energy issues arise from energy security and energy access at the last mile, which is where this transition must focus on. So we have to adopt a decentralised distributed generation model on green energy like hydrogen to ensure the intermittent supply to the last mile
I think the industry overall is shaping up well because there is space for transition. There is also a lot of room for opportunities and need for collaboration among all stakeholders to ensure that we get to where the planet needs to be for survival. Consumers also need to become active partners in this journey, and there is rising consciousness of sustainable consuming practices in a more responsible manner.
Growing demand for renewables
India’s Central Electricity Authority forecasts that the country’s reliance on coal will drop from 53 per cent of installed capacity in 2021 to 33 per cent in 2030, whereas solar and wind together make up 51 per cent by then, up from 23 per cent in 2021.The core objective of renewable energy deployment in India is to promote economic growth, enhance energy security, increase energy access, and reduce climate change.
Sustainable development is possible through the use of clean energy and by ensuring access to affordable and reliable energy for every citizen. India has become one of the world’s most attractive renewable energy markets due to strong government backing and an improving economic position. The government will rapidly shift to renewable energy technology to achieve sustainable growth and avert catastrophic climate change issues.
Customers are also becoming aware of saving energy by using solar, wind, biomass, waste, and hydropower energies as it is evident that clean energy is sustainable.
Renewable energy can also create many employment opportunities across different hierarchical levels, including rural India. With an emphasis on presenting an accurate picture of massive renewable energy potential, it would be possible to attract foreign investments to herald a Green Energy Revolution in India.