Tuesday 24 / December / 2024
New Delhi: India’s continued commitment, innovation, and collaboration in renewable energy willfuel its journey towards a developed economy (Viksit Bharat)
Renewable energywill play a crucial role in propelling India’s journey towards "Viksit Bharat" (developed nation). With a rapidly increasing energy demand, India is balancing economic growth with environmental sustainability. Renewable energy enable the country to reducing carbon emissions and promoting long-term energy security.
India’s Commitment to Net-Zero Emissions by 2070
India's commitment to tackling climate change is evident in its pledge to achieve net-zero carbon emissions by 2070. This ambitious target is underpinned by the expansion and integration of renewable energy sources, which are seen as critical to meeting the country's energy needs while reducing its carbon footprint. India's renewable energy push is a core component of its broader sustainable development agenda, reflecting its determination to contribute to global climate action efforts.
India’s Role in Global Climate Leadership
Under the leadership of Prime Minister Narendra Modi, India has not only championed the cause of clean energy within its borders but has also become a global advocate for renewable energy. In November 2021, during the COP26 summit in Glasgow, Prime Minister Modi outlined India's ambitious climate goals under the "Panchamrit" initiative. This initiative is a five-fold commitment that includes targets for renewable energy expansion, emissions reduction, and increased climate resilience. Among the key targets laid out under this initiative is the goal of achieving 500 GW of non-fossil fuel energy capacity by 2030, with renewable energy sources playing a pivotal role.
As part of this commitment, India aims to meet 50% of its total energy requirements from renewable sources by 2030. Solar energy is expected to account for the largest share, with an estimated 58% of the total energy capacity, while wind energy is projected to contribute around 20%. These targets are aligned with India’s broader aim of reducing carbon emissions by one billion tonnes by 2030 and lowering the carbon intensity of its economy by 45% compared to 2005 levels.
Growth of Renewable Energy Capacity
India has made impressive strides in expanding its renewable energy capacity in recent years. In the decade from 2014 to 2024, the country has seen an extraordinary increase in solar and wind power installations. In 2014, India had only about 2.5 GW of solar capacity, but this figure has now grown to around 89 GW, representing a more than 30-fold increase. Similarly, India’s wind energy capacity has seen a 2.2 times growth, from 21 GW to 47 GW over the same period.
This rapid expansion has been facilitated by a combination of government policy support, technological advancements, and increasing private sector investment. One of the key factors driving the growth of solar energy in India has been the significant reduction in the cost of solar power generation. The decline in cost has made solar energy increasingly affordable and attractive for both consumers and investors.
India’s Efforts to Ensure Domestic Manufacturing of Solar Modules
In order to reduce its dependency on imported solar equipment, India has also taken steps to boost domestic manufacturing capabilities for solar modules and other renewable energy infrastructure. The government has implemented schemes such as the Production-Linked Incentive (PLI) program to incentivize the production of solar modules within India. This initiative aims to not only reduce the import bill for solar equipment but also create jobs and boost economic growth in the renewable energy sector.
Alongside the PLI scheme, India has launched the Strategic Interventions for Green Hydrogen Transition (SIGHT) program, which encourages the manufacturing of electrolysers and supports the production of green hydrogen. Green hydrogen, produced using renewable energy, is expected to play a critical role in decarbonizing sectors such as heavy industry, transportation, and power generation, where direct electrification may not be feasible.
The Role of Electric Vehicles and Charging Infrastructure
The transition to renewable energy is not limited to power generation alone but extends to other sectors, including transportation. India is keen on promoting the adoption of electric vehicles (EVs) as part of its broader efforts to reduce dependence on fossil fuels and curb air pollution. The government has laid out a vision to use only renewable sources of energy to charge electric vehicles, eliminating the need for fossil fuel-based power generation.
The PM Surya GharYojana, a government initiative that encourages citizens to install solar rooftop panels, can also play a role in the adoption of EVs. Through this scheme, households can generate their own solar power, which can then be used to charge electric vehicles, making the entire process of EV adoption even more sustainable and cost-effective. This integration of solar power with EV infrastructure could transform India's transportation sector and contribute to the country’s net-zero goals.
Government Initiatives for Promoting Renewable Energy
The Indian government has introduced several policies and mandates to promote renewable energy adoption. The Renewable Energy Purchase Obligations (RPO) and Renewable Generation Obligations (RGO) are key components of this strategy. These mandates require power distribution companies and other entities to meet a certain percentage of their energy demand through renewable sources. This ensures that the country’s energy transition remains on track and that both public and private sector players actively participate in the shift towards clean energy.
The government’s plan is to bid out at least 50 GW of renewable energy capacity every year. To achieve this, India will require substantial investments. Estimates suggest that India will need around ₹30 lakh crore(USD 350 billion) in investments to meet its renewable energy and non-fossil fuel energy target of 500 GW by 2030. This will require both domestic and international funding, as well as technological innovation, to ensure that India can meet its renewable energy goals in a cost-effective manner.
International Cooperation and Global Partnerships
India's renewable energy transition is not just a national effort but also part of a broader global movement. One of the key initiatives that India has pioneered is the International Solar Alliance (ISA), which was co-founded by India and France. The ISA aims to promote the use of solar energy globally, especially in developing countries, and facilitate the sharing of knowledge, technology, and financing for solar energy projects.
India is also a key player in the Coalition for Disaster Resilient Infrastructure (CDRI) and other international platforms that promote green energy and climate resilience. Through these partnerships, India is not only advancing its own renewable energy goals but is also helping to promote sustainable development globally.
Socio-Economic Benefits of Renewable Energy
The transition to renewable energy in India is expected to bring significant socio-economic benefits. One of the most important of these is job creation. Renewable energy projects, especially those in rural and remote areas, can create a wide range of employment opportunities, from construction and maintenance jobs to roles in research and development. These projects can help stimulate local economies and improve livelihoods, particularly in regions that have traditionally relied on agriculture and low-wage labor.
In addition to creating jobs, renewable energy projects can also help India achieve greater energy security and reduce its reliance on imported fossil fuels. Also, by investing in renewable energy, India can reduce its vulnerability to global energy price fluctuations and increase energy access for all citizens.
A Path to a Sustainable Future
India's renewable energy journey is a critical part of its broader vision of becoming a "Viksit Bharat" or developed nation. With strong policy backing, technological innovation, and international partnerships, India is well-positioned to achieve its renewable energy goals. Renewable energy is not just about reducing carbon emissions; it is about creating a sustainable, inclusive, and resilient future for all. As India continues to expand its renewable energy capacity, it will set an example for other emerging economies on how to balance growth with environmental responsibility. Through continued commitment, innovation, and collaboration, India can lead the world towards a cleaner, greener, and more sustainable future.
