India is addressing its rapidly growing electricity demand using affordable, clean, and efficient renewable energy sources, according to a new report from Rocky Mountain Institute (RMI), an independent, non-profit organisation based in the US.
Titled ‘Empowering India: The Clean Energy Growth Opportunity’, the report highlights that India is achieving this through policy initiatives and innovation while minimising costs, boosting jobs and domestic production, and increasing competitiveness.
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India’s electricity demand could triple by 2050 due to a surge in vehicle use and air conditioning needs.
This development presents a unique chance to establish efficient and sustainable infrastructure from the outset, the report stated.
The report underscores that India is moving away from fossil fuels and import dependency by adopting clean and efficient energy solutions.
Importing fossil fuels currently costs India 5% of its GDP, but the shift to renewable energy, including solar and wind power, is proving to be a cost-effective alternative.
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By GlobalDataThe largest renewable energy project under construction in India is nearly four times the size of the largest projects in the US or Europe.
Furthermore, India is advancing towards self-sufficiency in producing solar modules, wind generators, and battery cells.
The report also reveals that electricity generated from new solar plus storage facilities is now more affordable than new coal power plants. Moreover, solar power alone is cheaper than operating existing coal-fired plants.
Despite these advancements, India attracts only 4% of the global clean energy investment.
The report suggests that with adequate financial support, India’s energy transition could lead to significant emission reductions by mid-century, surpassing those of Europe and North America, and setting a precedent for other emerging economies.
Earlier this month, India formalised a renewed memorandum of understanding (MoU) with Denmark to extend their collaboration in the energy domain.
