The shift of India’s focus to attaining large-scale green energy has been more than tangible in the last few years. With an affirmative political will and credible expertise at the helm, the nation has been on a spree to enhance renewable energy capacities with ambitious strategies and motivating actions.
With the beginning of a new year, a clear vision has been set- taking India’s renewable energy capacity up to 175 GW by the end of 2022. The current renewable energy generation capacity of the country stands at a little over 150 GW with two-thirds of the same credited to solar installations.
This goal seems naturally entailed by PM Modi’s enterprising declaration at the Glasgow Summit last year. Nearly 130 countries have pledged to work towards a definitive “net-zero carbon emissions date” and national, corporate and civic bodies have shown commitment to achieving an absolute replacement of fossil fuels with clean energy sources in a “phase out” gradualness.
This, however, is easier said than done. The petroleum and natural gas markets have yet again displayed volatility with demand exceeding supplies, prices inflating through the roof and pushing the energy market into a seemingly endless convolution. While optimism is pertinent to driving a paradigm shift, the continuing dependence on fossils for energy generation cannot be sidelined. Renewable alternatives cannot be effectively induced to permanence with a perpetual influx of fossil fuels into the energy market.
This would call for global collaboration for financing the transition into a clean energy system. For India, investments in the renewable energy sector have been estimated to cross $15 billion in 2022, as cited by Mr. R. K. Singh, Union Minister for Power and New and Renewable Energy. With domestic companies starting to explore foreign markets with a vision of raising investment for the Indian energy market, the post-pandemic decline has been countered with a surge in opportunities and enthusiasm.
The transitioning of energy markets to a more sustainable model would be far from a cakewalk. The efficiency of policy reforms and strategic action implementation would be instrumental. Besides, the entire processing has to be catapulted by collaborative financing on a larger scale. Let’s not consider Green India a distant dream, but a vision at the horizon.
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