Written by Mr. Ashutosh Verma, Founder, Exalta India
As the world grapples with the growing concern of climate change and the devastating effects it is having on our planet, countries across the globe are committing to net-zero emissions by 2050. India is no exception, and the country is making rapid strides towards achieving this goal.
The Indian government has set an ambitious target of reaching net-zero emissions by 2070, which requires a massive transformation of the country’s energy sector.
The energy transition is not only necessary to address climate change but also to secure India’s energy future. The energy transition is a complex process that involves shifting from traditional fossil fuel sources to renewable energy sources such as solar, wind, and hydropower.
India’s energy transition journey is still in its early stages, but there are already some positive signs that it is gaining momentum. The country is currently the world’s third-largest emitter of greenhouse gases, but it is also one of the fastest-growing
renewable energy markets globally.
The International Energy Agency (IEA) has lauded India’s clean energy transition efforts, stating that it is one of the few countries on track to meet its Paris Agreement commitments.
India’s energy transition journey has gained significant momentum in recent years, and the country has made significant strides in expanding its renewable energy capacity.
India’s renewable energy capacity has increased more than six-fold in the last ten years, from 17 GW in 2010 to over 136 GW in 2021. India has set an ambitious target of achieving 450 GW of renewable energy capacity by 2030, which will require an investment of around $500 billion.
The Indian government is working towards achieving this target by providing financial incentives and implementing policy reforms to promote renewable energy development in the country.
The energy transition presents a unique opportunity for India to achieve sustainable and inclusive economic growth. The transition to renewable energy sources can create new job opportunities and boost economic development in rural areas.
Renewable energy projects require a significant amount of labor, which can create job opportunities for both skilled and unskilled workers.
The Indian government has recognized the potential of renewable energy to drive economic growth and is investing in training
programs to develop a skilled workforce for the sector.
One of the key challenges of the energy transition is the intermittent nature of renewable energy sources such as solar and wind. The energy generated from these sources is dependent on the weather conditions, and it is not always available when it is needed.
The Indian government is addressing this challenge by investing in energy storage solutions such as battery and pumped hydro storage. The government is also exploring the use of green hydrogen as an energy storage solution.
Green hydrogen is produced by electrolysis of water using renewable energy sources, and it can be used as a fuel for various applications such as transportation and power generation.
India’s energy transition journey presents several opportunities and challenges for the country. The country is making significant strides in expanding its renewable energy capacity and has set an ambitious target of achieving 450 GW of renewable energy capacity by 2030.
The Indian government is implementing policy reforms and providing financial incentives to promote renewable energy
development in the country.
The energy transition presents a unique opportunity for India to achieve sustainable and inclusive economic growth. Renewable energy projects can create new job opportunities and boost economic development in rural areas.
Despite the progress made by India in its energy transition journey, the country still faces several challenges. One of the key challenges is the availability of finance for renewable energy projects.
Financing renewable energy projects is a complex process, and it requires significant investments in technology and infrastructure. The Indian government is addressing this challenge by providing financial incentives and implementing policy reforms to attract more investment in the renewable energy sector.
