India is proactively taking over its role to become a global leader in climate change mitigation with aggressive investments in clean and renewable energy sources with a special focus on green hydrogen and solar power production.
During an interview in Sydney, Union minister of Power and Renewable Energy Mr. Raj Kumar Singh communicated the huge potential of India in terms of renewable energy and declared India’s desire to be a manufacturing hub of solar PV cells and modules, after China.
Green Hydrogen
In recent years, a significant change has been seen in India’s approach. The Country is conscientiously promoting the adoption of carbon-free fuel. PLI schemes by the government, focus on EVs, blending of petrol with ethanol, and introduction of Green Hydrogen and Ammonia policy are some recent yet crucial steps employed by GoI.
Hon’ble Minister R.K. Singh, addressed the AIBC Business Leadership Roundtable in Sydney. He highlighted the achievements & steps taken to promote the RE sector in the country, also emphasized the ease of doing business, and invited companies to invest in RE & Green Hydrogen- a tweet from the office of R.K. Singh.
Climate change and Inflation
Climate change-induced disasters are being witnessed in different parts of the world making policymakers much more concerned about adopting sustainable practices that can help minimize its detrimental effects. Also, the Russia-Ukraine war has pushed the world towards an inevitable economic crisis. Inflation is at an all-time high, developing countries are finding it difficult to meet their energy requirements and in some countries, the situation has worsened to the extent that they are on verge of financial emergency-like situation due to soaring prices of crude oil. These circumstances compelled the nations to focus on research and investment in clean energy and phase out their dependence on conventional sources.
India’s achievements in Renewable Energy.
India is an attractive country for investment in the renewable sector. The tussle between major superpowers and China is a golden opportunity for India to dominate the supply chain of the sector. Currently, China accounts for 2/3rd of the modules and 86% of solar cells manufactured all around the world. In a series of tweets, Mr. Raj Kumar Singh mentioned that foreign investors are impressed by the policies of the Government of India and are keen to invest in the country’s renewable energy sector.
As of now, the solar capacity of India is 15 GW and work is underway to add up to 50 GW to the existing figure. In addition to this, the foreign investments in the renewable sector of the country are around $9 billion to $11 billion in a year and are bound to rise in coming years, said Mr. Singh.
https://twitter.com/OfficeOfRKSingh/status/1546756195582906369?s=20&t=jlpcNeyNfHzToECD96OWVQ
Indian billionaires such as Gautam Adani and Mukesh Ambani also pledged to contribute to the clean energy assets of the country. Where Adani group partnered with French TotalEnergies SE for green hydrogen manufacturing, the Reliance Industries Ltd. Is planning to invest in the production of solar panels and electrolyzers.
About 70% of electricity generated in India is produced from coal and in the interest of both environment and the country’s economy, the minister said:
“I don’t want to see these imports go on forever.”
The pace at which India is strengthening its solar energy sector is appreciable but to achieve the target of becoming a net-zero carbon emission country by 2070, we need to diversify our renewable energy sector with proper attention to hydro-power, wind, and nuclear energy as well.
