The world is undergoing a significant energy transition, with a push towards cleaner, more sustainable energy sources.
India, as one of the world’s fastest-growing economies, is at the vanguard of this shift. The country is adopting new energy solutions to meet its growing energy demand while also reducing its dependence on fossil fuels.
So, let’s explore how India is taking a lead on new energy solutions.
Investing in Renewable Energy
India has set a goal of 450 GW of renewable energy capacity by 2030, with 280 GW of solar power, 140 GW of wind power, and 10 GW of biomass-based electricity.
The country is already making great headway towards this goal. Despite the hurdles provided by the COVID-19 pandemic, India built 5.4 GW of solar capacity and 2.4 GW of wind capacity in 2020, according to the International Energy Agency.
One of the reasons renewable energy in India is attaining success is because of the government’s policy assistance. To promote renewable energy in India, the government has launched many initiatives such as the National Solar Mission(https://en.m.wikipedia.org/wiki/National_Solar_Mission)and the National Wind Mission. It has also adopted numerous financial incentives, including accelerated depreciation and tax holidays, to encourage private investment in the area.
Promoting Electric Mobility
India is also encouraging electric mobility as a means of reducing its transportation sector’s reliance on fossil fuels. The government has initiated a number of efforts to promote the use of electric cars (EVs).
It has Implemented the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme, for example, to provide financial incentives to EV consumers. The government has also set a 30% electric car penetration target by 2030.
In addition to policy support, the private sector is also investing heavily in electric mobility. Several Indian companies are developing EVs, and some of them have already launched commercially viable models. For example, Tata Motors has launched the Nexon EV, which is one of the best-selling EVs in India.
Leveraging Digital Technologies
India is also using digital technologies to promote new energy solutions. The government has launched the Smart Grid mission, which aims to create a smart grid infrastructure. That can integrate renewable energy sources and enable two-way communication between utilities and consumers. The mission also aims to encourage the adoption of electric vehicles by creating a charging infrastructure.
Digital technologies are also being used to improve the efficiency of the power sector. For example, smart meters are being deployed across the country to enable real-time monitoring of energy consumption. This helps reduce power losses and improve power supply reliability.
With all of these, we can conclude that Renewable Energy in India is leading by embracing new solutions, boosting electric mobility, and capitalising on digital technologies. Given the problems it faces in terms of energy security, environmental sustainability, and economic development, the country’s efforts are admirable.
However, there is still a long way to go, and India must continue to invest in new energy solutions to achieve its goals. With the right policies and incentives, India can become a global leader in the transition towards a sustainable energy future.