Amidst the growing international carbon footprint menace, India’s emerging leadership in renewable energy has received international recognition.
Between 2010-11 and 2016-17, almost a quarter of the $70 billion-odd in external assistance received by India from foreign governments and multilateral agencies, came from Japan. This amount ($16.59 billion), is far ahead of what the World Bank and the Asian Development Bank have committed in that time.
In India, solar is firing on all cylinders or – one might say – making hay while the sun shines. The near future is expected to witness even greater growth as solar moves from vanilla grid-connected projects to newer and more innovative forms of use.
Rapidly evolving technology, conducive policy environment and increasing cost efficiency has transitioned renewables from alternative to mainstream source of energy. The wind industry is supporting the Government’s ‘Make in India’ initiative with over 75% localisation.
The target of 175GW of renewable energy by 2022 and the formation of the International Solar Alliance with India in the lead are examples of our commitment towards clean energy. With both solar and wind power established as being cheaper than coal-based power, going by economic logic alone, majority of India’s future capacity additions should be through renewables.
Today, the cost of solar power is significantly lower than utility tariffs for industrial and commercial consumers in India. Solar projects, due to their negligible variable cost, can offer fixed tariffs for 20/25 years, providing low cost, fixed price and zero carbon electricity over the long term.
Since 2015, investment in renewables by developing economies has exceeded that by developed countries; in FY2017, the global renewables industry saw fresh investment worth over USD 280 billion.