Renewable Energy

Renewables present an opportunity to break historical patterns of energy generation in lieu of newer and cleaner energy

Enabling energy transitions is the key to reducing future GHG emissions, and is crucial for averting the climate crisis. Over the past decade, mass-scale deployment of renewable energy has accelerated structural changes in electricity systems, consequently bringing down electricity generation costs.

Development requirements mean that India will account for the largest global upcoming energy demand to be met with enhanced energy supply and capacity

As a developing economy, India will continue to witness an increase in energy demand, with the International Energy Agency’s (IEA) World Energy Outlook 2022 report stating that the energy demand in the country will rise by 3% annually and with India accounting for the largest energy demand in the world. Against this backdrop being aided due to rising urbanisation and industrialisation, renewables are playing a key role in meeting the energy demand of the country.

Leveraging the renewables boom will entail investments and innovation along the power value chain

Given the lack of carbon space worldwide, renewable energy presents a huge opportunity to the Indian industry to decarbonise and clean its energy system and reduce negative externalities such as air pollution. Recognising the opportunity presented by the renewables sector, India as part of its updated Nationally Determined Contributions (NDCs) has committed to achieve 500 GW of installed electric power from renewables by 2030.

According to the World Energy Outlook Report 2022, nearly 60% of new power demand will be met by the renewable sector. To match the abundant opportunities available in the renewable electricity supply, improvements in energy storage systems are necessary to continue to attract industrial adoption of intermittent renewables.