The Emergence of Renewable Energy: A Global and Indian Perspective -

The Emergence of Renewable Energy: A Global and Indian Perspective

Introduction:

The globe is witnessing inorganic growth in renewable energy and in 2023, it added a record 295 GW of renewable energy capacity, taking the total capacity to 3162.2 GW. Not to be left behind, India with a current capacity of 178.67 GW plans to reach 500 GW by 2030! (almost triple!!). From a mere 6% contribution, India will be contributing close to 9% of the global capacity by 2030. The growth of renewable energy is a positive development for both India and the world, as it can help to reduce greenhouse gas emissions and combat climate change.

The Global Perspective:

The global rise of renewable energy can be attributed to several pivotal factors. Firstly, a growing realization of the urgent need to combat climate change has prompted countries worldwide to adopt ambitious renewable energy targets. The Paris Agreement, embraced by nearly 200 nations, underscores the significance of renewable energy in curbing greenhouse gas emissions. Consequently, countries are diligently striving to diversify their energy mix and diminish dependence on fossil fuels.

Other key factors driving the global growth of renewable energy include:

The declining costs of renewable technologies. The cost of solar photovoltaic (PV) and onshore wind technologies has fallen significantly in recent years, making them more competitive with fossil fuels.
The increasing demand for clean energy, recognizing the benefits of reducing their carbon footprints.
The growing awareness of the environmental impacts of climate change.

Facts and Stats:

China is the leading country in terms of renewable energy capacity, followed by the United States, the European Union, and India.
The top five renewable energy sources in terms of global capacity are Solar, Wind, Hydro, Biomass, and Geothermal energy.
The global renewable energy sector is expected to continue to grow inorganically in the coming years.
The International Renewable Energy Agency (IRENA) projects that global renewable energy capacity will reach more than 6000 GW by 2030.

The Indian Perspective:

Not to be left behind, India has made significant progress in renewable energy deployment. As of February 2023, India had installed 178.67 GW of renewable energy capacity (Solar – 66.7 GW, Wind – 42.6 GW and others 69.37 GW). India is expected to continue to be a leading country in the global renewable energy transition. The Indian government has set a target of achieving more than 500 GW of renewable energy capacity by 2030, of which 280 GW will be solar power and 140 GW will be wind power.

India has a number of advantages that positions it to lead the global renewable energy transition. These include:

Abundant solar, wind and water resources, which are ideal for renewable energy generation.
The large and growing domestic market, with large and growing population, which is creating a strong demand for renewable energy.
Attractive government policies and incentives.

India’s renewable energy targets by the year 2030 include:

Solar – 280 GW
Wind – 140 GW
Hydro – 50 GW
Biomass – 20 GW
Small Hydro – 20 GW
Waste to Energy – 5 GW
Total – 515 GW

The Indian government policies and incentives:

The National Solar Mission (NSM)
The National Wind Energy Programme (NWEP)
The Jawaharlal Nehru National Solar Mission (JNNSM)
The Pradhan Mantri Kisan Urja Suraksha Abhiyan (PM-KUSUM)

These policies and initiatives have helped to create a favorable environment for renewable energy investment environment. As a result of which the country has attracted billions of dollars in foreign investment in the renewable energy sector.

Conclusion:

The growth of renewable energy is a global phenomenon and India will be one of the leading players. Adaptive Engineering Pvt. Ltd. (AEPL) is all geared up for this exciting journey. Are you?