Renewable energy has the potential to play a significant role in the future of the world’s energy mix. As concerns about climate change and energy security continue to grow, renewable energy sources are becoming increasingly important in efforts to reduce greenhouse gas emissions and diversify energy supplies. Renewable energy technologies, such as solar, wind, hydroelectric, and geothermal, have made significant advancements in recent years, becoming more efficient and cost-effective. As a result, the cost of renewable energy is becoming increasingly competitive with traditional sources of energy, making it more attractive to investors, businesses, and Governments.
Renewable energy has become an increasingly important topic in India in recent years due to the keen interest and initiative of the present Government. At present, India seeks to diversify its energy mix and reduce its dependence on fossil fuels. India has made significant progress towards achieving this target, with the country’s renewable energy capacity increasing manifold in the last nine years. Solar energy and wind energy are the two largest contributors to India’s renewable energy mix, in addition to hydroelectric power.
Renewable energy has several advantages over traditional sources of energy, including sustainability, as solar, wind, hydro, and geothermal power are derived from natural processes that are continuously replenished, unlike fossil fuels. RE emit far fewer greenhouse gases than traditional sources of energy, such as coal and oil, and as such help mitigate the effects of climate change. Renewable energy also helps reduce a country’s dependence on imported fossil fuels, enhancing energy security and reducing vulnerability to price shocks, with the potential to create millions of new jobs globally, from manufacturing and installation to maintenance and operations. Lower costs and improved public health are other benefits, as burning fossil fuels can lead to air pollution, which can have negative health impacts.
The Indian Government has taken several steps to promote the growth of renewable energy in the country, including introducing incentives such as subsidies, tax breaks, and low-interest loans for renewable energy projects. The Government has also launched several schemes to encourage the adoption of solar energy, such as the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) scheme, which aims to install solar pumps and grids in rural areas, and a separate scheme for roof-top solar panels. India currently has a total renewable energy capacity of 168.96 GW, with a mix of 64.38 GW of solar power, 51.79 GW of hydropower, 42.02 GW of wind power, and 10.77 GW of biopower. As per the COP26 resolution and commitment, India wants to raise this to 500 GW by 2030. Solar Energy Corporation of India Ltd. (SECI), NTPC Ltd., NHPC Ltd., and SJVN Ltd. are the companies entrusted by the Government to call for tenders and go ahead as per the plan for augmentation, with a main focus on solar, wind, and solar-wind hybrid. Ladakh will be the biggest beneficiary with largest Solar plant of the world.
Despite these efforts, India still faces several challenges in scaling up renewable energy, including the high cost of renewable energy compared to conventional sources of energy, the intermittent nature of renewable energy, and the lack of adequate transmission infrastructure to transport renewable energy from remote areas to urban centres. Upgrading and adding the transmission system capacity for using 500 GW of electricity from non-fossil fuel has already started.
Overall, while renewable energy may not completely replace traditional sources of energy in the short term, it is likely to play an increasingly important role in the world’s energy mix in the years to come. India has already attracted significant foreign investment in the renewable energy sector, with companies such as Soft Bank, Adani, and Tata Power investing in large-scale solar and wind projects in the country. India’s renewable energy sector is poised for significant growth in the coming years, driven by a combination of Government support, private investment, and technological innovation.
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