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Renewable Energy Generation: India Poised For Pole Position In South Asia
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India is set to be the biggest contributor to the rise in global energy demand over the next 25 years, underlining its ever-greater influence in Asia and the world, even as its energy demand per capita in 2040 would still be 40% below the world average – states a new special report – India Energy Outlook 2015, launched recently by the International Energy Agency (IEA).
As per the report, India needs more than INR 9 lakh crore ($140 billion) in energy investment annually till 2040, approx $110 billion (INR 7 lakh crore) p.a in energy supply – 75% of which is required to meet India’s growing need for energy – and a additional INR 2 lakh crore ($30 billion) per year to improve energy efficiency.
A slew of recent policy initiatives aimed at improving the business environment and attracting investors have created a strong momentum that needs to be sustained. Rising incomes and population, increased access to electricity and clean cooking facilities, urbanisation and rapid industrialisation are the key factors driving the increased demand for energy.
Assuming India is successful in providing electricity to every household and taking into account the anticipated demographic trends that will make India the country with the largest population in the world, it has to make a provision to provide electricity to nearly 600 million new electricity consumers by 2040.
Yet the growth in energy provision is not confined to fossil fuels. India is well-placed to become the world’s No. 2 market for solar PV panels, as the disbursement of solar power in India gathers pace in the power sector.
As per the report, over half of the new electricity generation capacity to 2040 is projected to come from non-fossil fuels, led by renewable energy projects particularly in the solar and wind power sectors. The rise in low-carbon energy will be spurred by ample domestic resources, falling costs and strong policy support.
Energy efficiency is also an increasingly important component of the Indian renewable energy development initiative. The coverage of India’s final consumption by mandatory efficiency safeguards has also shown an increase from approx 1% in 2005 to more than 15% today and is set to exceed 40% by the year 2040, as various efficiency initiatives grow in their scope and effectiveness.
But the potential is far from exhausted. It needs to be remembered here that a large portion of India’s potential industrial and transport infrastructure and approx three-quarters of its presumed 2040 buildings stock, is yet to be built. Strict energy efficiency policies offer India a tremendous opportunity to cater to the growing demand for energy without compromising on its energy supply or the environment.
Welspun Renewables is a leading player in India’s fast growing renewable energy sector with a huge network of solar and wind-based energy projects across the country.
Solar energy projects and wind power are slated to account for more than half of India’s new electricity generation capacity to 2040, as per a new IEA report.
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