20 Feb 2024
Introduction: The future of India’s power industry is being shaped by renewable energy as the country strives to lessen its reliance on old-fashioned energy and shift towards greener and more environmentally friendly options. The country’s abundant natural resources and ambitious government objectives have made it a major player in the field of renewable energy, fuelling the expansion of its renewable energy sector.
Renewable energy refers to sources that are naturally replenished and produce minimal to zero greenhouse gas emissions during power production. The major renewable energy sources include solar, wind, hydropower, geothermal, and biomass. The proper use of these resources has the potential to transform the way we power our homes, industries, and transportation systems. Renewable Industry: A Powerhouse of Potential Climate change concerns, energy security, growing energy demand, and cost competitiveness are some of the factors driving India’s push towards renewable energy. Considering the country’s goal of reaching 500 GW of renewable energy capacity by 2030, the renewable industry has become a centre of investment and innovation. Solar Power: Basking in the Sun India has abundant solar resources, which makes it one of the most favourable regions in the world for solar energy development. The emergence of the National Solar Mission in 2010 provided momentum to the nation’s efforts to harness solar energy. Since then, India has become a global leader in solar PV installation, attracting both domestic and international investors. Wind Power: Harnessing the Mighty Winds Due to its extensive coastline and windy regions, the nation is also leveraging wind energy. Wind power projects, both onshore and offshore, are fast becoming an integral part of the renewable energy sector. Increasing government pressure for competitive bidding and innovative policies has contributed to the rapid development of wind energy in the country. Hydro Power: Unlocking the Potential The rivers and water bodies of India present exceptional prospects for the generation of hydropower. The country has a diverse range of hydropower potential, and utilizing this resource remains a priority for renewable energy goals. The role of hydropower plants is to reduce carbon emissions and provide stable power supply, especially in hilly areas. Renewable Energy in India: As per the recent REN21 Renewables Global Status Report, India ranks fourth globally in renewable energy installed capacity (including large hydro), fourth in wind energy capacity, and fifth in solar energy capacity. The nation has established an elevated objective of generating 500 GW of non-fossil fuel-based energy by 2030, as stipulated in COP26. This has been a significant commitment under “Panchamrit.” This is the most extensive expansion plan in the field of renewable energy in the world. Industry Scenario The combined installed capacity of renewable energy sources was estimated to be 180.79 GW over the past few months; that includes wind power, solar power, biomass/co-generation, small hydro, energy from waste, and large hydro. India aims to reduce the carbon intensity of its economy by 45% by the end of the decade, install 50 percent cumulative electricity from renewable energy by 2030, and achieve net-zero carbon emissions by 2070. The nation aims to attain a total of 500 gigawatts of renewable power by the year 2030. India has set a target to produce five million tons of environmentally-friendly hydrogen by 2030. This will be aided by a renewable energy capacity of 125 GW. In India, 50 solar parks with a combined capacity of 37.49 GW have been approved. The goal for offshore wind energy is 30 gigawatts by 2030, with potential locations already identified. Wind Energy Potential: India, renowned for its rapid economic expansion and escalating energy requirements, is rapidly shifting towards sustainable energy sources to meet its energy requirements. Wind energy is emerging as a leading source among these sources and has immense potential to provide electricity to the country sustainably. As the renewable industry progresses on this remarkable journey, the utilization of wind energy is anticipated to play a pivotal role in the country’s transition to clean energy. Harnessing the Power of Wind India’s geographical location provides an advantage for wind power generation. Due to its vast coastline, mountainous terrain, and plains, the country has significant potential to harness the power of wind. As per the Indian Wind Turbine Manufacturers Association, the country has an impressive wind power potential of 302 GW, which is enough to meet the country’s growing energy needs. Contributing Factors The growth of wind power in India has been influenced by several elements. The government acknowledges the significance of renewable energy and has implemented policies and incentives to encourage investment in this sector. The deployment of wind energy projects in the country has been accelerated by some of the initiatives. Moreover, technological advancements, such as the creation of efficient turbines and enhanced transmission infrastructure, have significantly enhanced the viability of wind power initiatives. This has, in turn, attracted both domestic and foreign investors to the country’s wind energy sector. Economic and Environmental Benefits The expansion of wind energy presents numerous economic and environmental advantages to India. Firstly, it reduces the country’s dependence on fossil fuels, provides energy security, and curbs greenhouse gas emissions. This is in accordance with the country’s commitment to tackle climate change as part of its contribution to the Paris Agreement. Furthermore, the growth of the wind energy sector contributes to employment generation and rural development. Wind farms tend to settle in rural locales, offering economic prospects to nearby populations via work, infrastructure improvement, and revenue generation.
Solar Power Domination: In the realm of solar innovations, there has been a subtle yet unprecedented advancement. The array of innovations, ranging from solar panels equipped with nanowires to windows that magically convert light into electricity, is equally promising and diverse. Solar panels that are thin and flexible, solar farms on water, and solar paint are now considered genuine inventions. These innovations will bring us closer to a future where almost anything can produce clean energy. India’s Vision 2030: Innovation Highlighted India’s vision for 2030 encompasses a blend of renewable energy dominance and a significant emphasis on green growth, with the aim of combating climate change and facilitating the energy transition. Following the Panchamrit Policy announced at COP26, India has established the following firm goals to bring about a renewable revolution: • By 2030, there will be 500 gigawatts of renewable energy • To meet 50% of its energy requirements from renewable sources by 2030 • To reduce total projected carbon emissions by 1 billion metric tons by 2030 • Reduced the carbon intensity of its economy by more than 45% • To become a net-zero-carbon country by 2070 India aims to become an energy-independent nation by 2047 through a mix of electric mobility, compressed natural gas and piped natural gas, 20% ethanol blending, and green hydrogen production. The nation intends to obtain 90% of its energy from renewable sources. A KPMG study shows that India will require annual investments of between $350-400 billion by 2030 to achieve its green energy goals, offering a potential investment opportunity for global players. The country’s energy transition is expected to generate between 5 and 6 million jobs by 2030, reaching between 9-10 million by the year 2047. In this journey towards energy independence towards 2047, emerging technologies are important. A supportive policy environment, manufacturing clusters, and a unique skill set could make India a significant player in clean tech manufacturing. India’s goal is to adopt cutting-edge technologies that promise safe, accessible, and environmentallyfriendly power for everyone.
Sustaining Solar Dreams: The Future PLI indicates a significant boost to domestic manufacturing, enhancing capacity, and pushing India into a solar energy home. With advancements such as solar paint and space-based solar panels, the future presents an abundance of possibilities. Making solar energy more sustainable and efficient is the key to sustaining India’s solar hopes. As per the scientific research, tandem cells and organic semiconductors possess power conversion efficiency (PCE) of 20.6%, which is a crucial parameter for the utilization of solar cells. This enhancement in performance is consistent with the prospect of solar power becoming a formidable source of clean and efficient energy. The path of the nation toward environmental preservation involves the integration of materials within solar panels, propelling us towards a more ecological and environmentally friendly future.
The Way Ahead: India wants to reduce the carbon intensity of the country’s economy by 45% by the end of the decade, install 50% electricity from renewable energy by 2030, and achieve net-zero carbon emissions by 2070. Carbon technologies have the potential to generate a market worth up to $80 billion in the country by 2030. India has set a goal to produce five million metric tons of green hydrogen by 2030. The green hydrogen target electrolyser manufacturing capacity is expected to reach 8 GW per year by 2025. The market for green hydrogen in India is projected to reach a cumulative value of $8 billion by 2030, and India will require a minimum of 50 GW of electrolysers or more to ramp up its hydrogen production. Renewable energy targets in India are transforming the power sector. The growth in population and widespread electrification of rural households are increasing the demand for energy to power homes, businesses, and communities. The use of clean energy will reduce pollution levels, and villages will become self-reliant through the use of clean energy. In the past year, India’s renewable energy sector experienced a boom with potential investments of $15 billion, as the government focused on manufacturing electric vehicles, green hydrogen, and solar devices. A 66% reduction in solar energy costs compared to current costs is expected by 2040, with about 49% of total electricity coming from renewable sources. By replacing coal with renewable energy, India will save Rs 54,000 crore ($8.43 billion) annually. It is anticipated that approximately 15,000 MW of wind-solar hybrid capacity will be added between 2020-25. Between 2020-25, approximately 15,000 MW of wind-solar hybrid capacity is expected to be added. As per the estimates of the Central Electricity Authority (CEA), it is anticipated that the proportion of renewable energy generation will increase from 18% to 44% by 2029-30, whereas the proportion of thermal energy generation is anticipated to decrease from 78% to 52%. CEA also estimates that India’s power demand will increase to 817 GW by 2030.
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