Climate change is one of the major challenges that people around the world are dealing with today. The Russia-Ukraine conflict and the COVID-19 pandemic have increased the energy crisis. To successfully fight against the alarming climate change globally, India has developed a new goal.
The government announced that India aims to fulfill 50% of its power needs from clean energy generated by renewable energy sources by 2030. It is estimated to reach net zero emissions by 2070. To achieve this aim, India is having a great scale of transformation.
India is all set to become a world leader in clean energy transformation
Several new models of economic development have been launched to prevent carbon-intensive approaches. The broad elements of the decarbonization strategy of the nation are now quite obvious. It includes the rising adoption of energy-efficient technologies, higher penetration of cleaner fuels in the energy mix, better material efficiency, and improved digitalization.
R K Singh, Union Minister of Power and New and Renewable Energy, stated that India is now a world leader in the energy transition. With rising industrial investments in green energy sources, clean energy installations like solar Tele communication tower installation, and the largest renewables auction market in the world, India is holding one of the top positions after Chile in the 2018 Climatescope (pdf) report.BloombergNEF energy researcher studied over 80 indicators like emissions and installed capacities, clean energy policies, and energy industry structures for about 103 nations globally.
India’s Green Budget
According to the 2023-2024 budget of India, a whopping US$4.3 billion are allocated for the achievement of the nation’s green energy transformation and net zero targets by 2070. About 9,874 crore rupees are the 2023-2024 budgetary allocations for Indian green energy projects and schemes. It includes the project combination of bio-fuel, solar, hydrogen, wind, and other renewable power sources. Indian Prime Minister Narendra Modi envisioned that if this aim turns into a reality, India would surely occupy its position as ‘the leader in the global clean energy market’ on the global map.
Renewable energy investments in the current years will possibly make a great difference in carbon footprint because India has had a fossil-fuel-based energy infrastructure. The renewable energy capacity of the country has seen a first-time progress of 396% in the last eight and half years. This contributes to a 42.5% share of India’s total installed power capacity while announcing the 2023-2024 budget of India.
As a result of it, South Asian countries can achieve the target of 175 GW of renewable energy by 2022, as reported in the first National Determined Contribution under the Paris Agreement. This may allow India to meet the target of increasing non-fossil fuel capacity to 500 GW by 2030.
India is intended to become a renewable manufacturing industry
When it comes to clean energy transformation, India is often considered a nation that has a long to cover. The Global Carbon Project report said Indian emissions are projected to rise by 6 percent in 2022. It is primarily due to higher oil use and extensive increase in coal emissions. But, the leading industry experts in the renewable energy sector reported that India has seen a great progressive approach to clean energy. The amount of wind and solar power on the grid is increasing at a faster pace. Last year, it accounts for between 12 and 13 percent of the whole electricity production.
The cost-effective benefit of renewable power sources will provide a significant gain for the country by meeting the future electricity demand from clean energy. Now, the Indian government wants to develop a renewable manufacturing sector and emerge as the leading supplier for the entire world. As of now, fossil fuels of approximately $150 billion are imported into India yearly and this includes gas, oil, and coal. The Indian government has set a target to make India energy independent by 2047 (100 years after the Independence of the country).
The National Green Hydrogen Mission is one of the key strategies of India’s green energy transformation. The Indian government has allocated US$2.4 billion to generate 5 million metric tonnes of green hydrogen per year by the year 2030 and make India a global hub for green hydrogen production, usage, and export to the rest of the world.
Green hydrogen can generate high-temperature heat to provide power to large-scale industrial processes. Scientific studies reported that green hydrogen can be the best technology for long-term power storage and clean transportation fuel for long-range heavy-duty vehicles. Due to the unique benefit of low-cost renewable energy generation, India is more likely to emerge as a highly competitive green hydrogen producer globally.
The clean energy transformation will lead to many new jobs
Investment in the clean energy transformation can possibly make India achieve huge reductions in carbon dioxide emissions and get significant gains in employment. A 2021 report by the World Economic Forum assumes that ‘Green Growth’ is likely to create 50 million net new jobs. It will be around US$15 trillion in economic opportunity by the year 2070. About $1 trillion of this excellent chance to pass by 2030.
Alternate power sources
Alternative energy sources such as solar power go a step further in making India a leader in clean energy transformation. At present, solar energy accounts for about 4% of the total power production of India. It is expected to be 30-35% by 2040. Although solar installation costs a comparatively higher amount, it produces no harmful gas during energy production and usage. A premium quality and branded solar system with the best solar system AMC services can effectively produce solar power for about 25-30 years with no higher maintenance cost.
India is believed to emerge as the second-largest economy in the world by 2050. Could clean energy transformation improve the contribution of India towards maintaining a global temperature increase below 2C? This requires significant efforts from all Indian people.
As we all know, climate change is a major issue, we must support government initiatives by installing solar, wind, and other green energy systems in our residential and commercial properties. Once you are aware of how rooftop solar installations can benefit you in reducing electricity bills and saving Mother Nature, you’ll wish to go solar and that will be a great appreciation.