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Why Renewable Energy Is The Best Way Forward For India
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India’s needs sufficient electricity to keep its economic engine chugging, and at a price that makes its manufacturing competitive.
An estimated 300 million Indians lack access to electricity in a country where per-capita electricity consumption is one-fourth of the world’s average. Given the ever-growing demand for energy experts opine that India is well endowed with good potential for both wind and solar generation. Helpful government policy, regulatory regime and vibrant private sector interest is making this capacity target doable.
The central government has put renewable energy at the top of its agenda. The targets are ambitious. An earlier target of installing 20,000 MW of solar energy capacity by 2022 has been raised fivefold to 100,000MW.
The government also wants to put in place 60,000MW of wind power capacity by then in a country that’s the world’s third largest emitter of greenhouse gases, behind only the US and China.
This policy action has been further reinforced by corporate backing. The new government has secured pledges from 213 companies to set up renewable energy capacity of 266 GW over the next five years.
The companies - a mix of public and private entities have agreed to set up 10,000MW of renewable energy in the next five years. The government’s focus on renewable energy stems from the fact that India has an energy import bill of around $150 billion, expected to reach $300 billion by 2030, which it wants to reduce.
Clean energy investments in India jumped to $7.9 billion in 2014, helping the country maintain its position as the seventh largest clean energy investor in the world. The government is expecting an investment of $200 billion in green energy projects.
Financial institutions have made a commitment to finance renewable energy projects totaling 78GW, and the government plans to start five funds of $5 billion each to promote green energy sources.
The government is working on a strategy to train approx 20,000 unemployed graduates to set up solar power plants with a capacity of 1MW each, to create 20,000MW of solar capacity combined. This is in addition to the government’s plan to train around 50,000 people in areas related to solar power.
Welspun Renewables vision is to light up India with clean, sustainable energy; and to transform the life of every Indian through Education, Empowerment, Environment and Health.
Nikhil Mehra says, Given the ever-growing demand for renewable energy, India plans to raise its solar energy capacity five-fold to approx 100,000MW by 2022.
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