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Two Important D’s of Renewable Energy Sector in India

While governments may need to ask questions to certain industries, at the same time millions of people efforts may need to be increased across the globe to participate in a worldwide climate change

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Renewable energy in India has seen robust growth both commercially and in individual homes. Globally, we have witnessed a record-breaking decade in renewable energy investment, in fact investment in renewable energy in developing countries has outweighed those in developed countries. Thus, solar power, which has seen a significant increase in capacity investments in the last decade, is set to drive the global investment in new renewable energy.

Worldwide, the shift towards the new era of efficient energy is propelled by the Ds: digitalization and decarbonisation. These factors are determining how companies are purchasing power, deploying energy and operating in a more sustainable manner.  As the reality of Global Warming hits, us, it becomes critical to keep the temperature within 2 degrees of warming from current average temperatures. Until now, it is within 1.5 degree C, but post 2030 we have cause for real concern. As per International Energy Agency, Carbon emission in India saw a 4.8 per cent rise from last year.  So, the moot point to discuss is how are we paving the way for decarbonising the economy in bringing down the emission levels, and for that matter how committed are we as a country to the Paris Climate Agreement.

The immediate aim is to make India green and clean, and decarbonisation is the key, which apart from its obvious advantages, is also enhancing energy efficiency and sustainability of operations. The desire to solve the decarbonisation issue through digitization has given rise to technologies like Digital twin in the solar and wind sector, rise of floating solar and e-mobility, increased fragmentation with participation from smaller players as well, thereby encouraging the rise of the domestic manufacturers. Keeping this in mind, India must ramp up small scale distributed renewable energy development, such as rooftop solar, in order to reach people who are not connected by the power grid.

While governments may need to ask questions to certain industries, at the same time millions of people efforts may need to be increased across the globe to participate in a worldwide climate change.  In the recently concluded United Nations Climate Action Summit in New York, India committed to increase its renewable energy (RE) target to 450 gig watts (GW) as a part of a stronger climate action plan. India is inching towards the achievement of previous target of 175GW RE and have completed 50% so far but completing another 38 GW of solar rooftop, 32 GW of solar utility, and 23 GW of wind power capacity in next 2.5 years is a tall task in the ongoing policy and market environment though it’s very crucial to push RE growth in India but it also depends on how the policies shape up and how effectively risks are mitigated.

In an attempt to boost India’s emerging green economy and to change the course, the world must act quickly to decarbonize every aspect of modern life, from transportation to power. As India expands its renewable portfolio, global cooperation and coordination requires massive push from every major institution, including governments and companies, to help face into the challenge.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

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Yogesh Mudras

The author is Managing Director, UBM India

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