India’s energy future looks bright, says report, Energy News, ET EnergyWorld | Whuff News

India's energy future looks bright, says report

BENGALURU: India’s renewable sector is growing, and the country is projected to add 35 to 40 gigawatts of renewable energy annually by 2030, enough to power up to 30 million homes annually, a report said Thursday.

The Center for Energy Economics and Financial Analysis has estimated that India, the world’s third-largest energy consumer, will reach 405 gigawatts of renewable energy by 2030. non-fossil fuel sources by the end of the decade.

The Indian government estimates the country will produce even more renewable energy – 500 gigawatts – at the same time. Currently, fossil fuels account for 59 percent of India’s installed energy capacity, but are expected to make up just 31.6 percent of the energy mix by 2030.

“While there have been disruptions in India’s clean energy journey due to the war in Europe among other reasons, India has big plans,” said Vibhuti Garg, report co-author and senior energy expert at IEEFA. “India is starving for energy and this hunger will only increase with economic and population growth.”

He added that the low cost of renewables and the need for clean energy sources to prevent climate change have driven the growth of the sector in the country, which is the third largest exporter of renewable energy in the world.

No other country’s energy needs are expected to be as large as India’s in the coming years, as living standards improve and its 1.3 billion population grows.

The report, which analyzed data from various green energy companies and government-funded energy companies, also found that 151 gigawatts of renewable energy will be added by private clean energy companies alone. Adani Green Energy, a private company, will make the largest single addition, from 5.8 gigawatts to 45 gigawatts of renewable energy production.

Although the country has made significant strides in clean energy, experts say there is still room for improvement.

India’s “renewable energy policies” have not stopped the country’s coal pipeline, said Nandini Das, climate and energy economist at Berlin-based think tank Climate Analytics.

He added that there should be a “planned retirement plan for existing coal power to give a clear signal that we are moving towards clean energy” and the current fossil fuel subsidies in India should be reversed.

But shutting down coal and moving to green energy requires funding. Recent estimates say India will need about $223 billion in investment to meet its 2030 energy goals.

Longtime observers of India’s clean energy transition point out that rooftop solar power is also in short supply: the country has just 7.5 gigawatts of installed solar out of a planned 40 gigawatts by the end of the year.

“The challenge is that different countries have different policies for solar roofs. We don’t have a comprehensive national policy in this area,” said Aditya Lolla of the London-based think tank, Ember.

Lolla added that other renewable energy projects also need to be scaled up.

“We need to increase the construction rates. This year we are installing an average of 1.7 gigawatts every month and we need to hit 3.7 gigawatts,” he said. “We can do a lot of things to go up but that’s the main thing that has to happen and it has to happen soon.”

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