India is using affordable, clean and effective renewable energy to address its rapidly growing electricity demand, a new report from an independent, nonprofit organization in the United States, according to a new report from the Rocky Mountain Institute (RMI).
Titled “Enhanced India: Opportunities for Clean Energy Growth”, the report highlights that India is achieving this through policy planning and innovation while minimizing costs, increasing employment opportunities and domestic production and improving competitiveness.
India’s electricity demand could triple by 2050 due to surge in vehicle use and air conditioning demand.
The report said this development provides unique opportunities for building efficient and sustainable infrastructure.
The report highlights India is moving away from fossil fuels and import dependence by adopting clean and effective energy solutions.
Currently, imported fossil fuels are priced at 5% of its GDP, but the shift to renewables, including solar and wind, has proven to be a cost-effective alternative.
India’s largest renewable energy project under construction is four times the largest in the United States or Europe.
In addition, India is moving towards self-sufficiency in generating solar modules, wind generators and battery batteries.
The report also shows that the electricity generated from new solar energy, as well as storage facilities, is now more affordable than new coal power plants. In addition, solar energy alone is cheaper than operating existing coal-fired power plants.
Despite these advances, India has attracted only 4% of global clean energy investment.
The report shows that with sufficient financial support, India’s energy transition could lead to a significant reduction in the middle of the century, surpassing Europe and North America’s energy sources and setting a precedent for other emerging economies.
Earlier this month, India formally established a new memorandum of understanding (MOU) with Denmark to expand their cooperation in the energy sector.
“India’s clean energy growth exceeds global trends”, originally created and published by the global Data-owned brand Energy Monitor.
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