Singapore: India’s renewable energy sector has significant potential for growth, driven by rising energy demand and rapid industrial expansion. According to 'Sustainable Energy For All' (SEforALL), an international sustainable development organisation headquartered in Vienna, this progress is fueled by India’s commitment to tapping renewable resources such as solar, wind, and geothermal energy.
Director and Chief of Staff at SEforALL Kanika Chawla highlighted India’s dedication to renewable energy in her remarks at the Singapore International Energy Week, which was held from October 2 to October 25, 2024. She emphasised that increased domestic manufacturing within India’s renewable sector not only strengthens energy security but also reduces dependency on imports. Incentives such as performance-linked policies for manufacturers are further propelling the sector, driving economic growth and energy security.
Overview of India’s Renewable Energy Landscape
Kanika Chawla also noted that the renewable energy industry is highly labour-intensive, generating three times the jobs per kWh compared to traditional thermal energy. India’s efforts to diversify include geothermal energy projects in regions like Himachal Pradesh, Kashmir, and Ladakh, along with wind energy exploration off the shores of Gujarat and Tamil Nadu.
As a price-sensitive market, India is actively working to reduce the costs of renewable energy production. Solar energy, for instance, has become the most cost-effective source of power in the country, contributing to India’s diverse and growing energy mix.
Alongside solar and wind, the government is prioritising green hydrogen initiatives and exploring partnerships with global firms for technology transfers to support its Green Hydrogen Mission Although India’s nuclear energy sector is developing, challenges such as longer project timelines and high safety standards have limited its immediate impact, in contrast to solar projects, which are typically completed within 18-24 months.
Harish Dudani, a member of India’s Central Electricity Regulatory Commission, highlighted the rapid expansion of solar and wind capacity in India - from 40 GW in the 2015-16 fiscal year to 143 GW in 2023-24—demonstrating India’s swift scaling abilities. This growth underscores India’s role as a global leader in energy transition.
India has committed to achieving 50 percent of its cumulative installed electric power capacity from non-fossil fuel sources by 2030, aligning with its pledge at the COP26 summit in Glasgow. By 2030, the country aims to reach 500 GW of renewable energy capacity and has set a target to reach net zero emissions by 2070.
SOURCE-PTI
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