Urgent news of section
Why India is the most exciting renewable market in the world

Why India is the most exciting renewable market in the world

While much of the world is seeing energy demand take a dive thanks to the economic and industrial slowdown spurred by the novel coronavirus pandemic, India has been making great strides to get more people connected to the grid than ever. Historically, much of the Indian subcontinent’s rural populations had no access to electricity, but the government has made electrifying all of India a major priority in the last year and a half.  In order to supply the 1.353 billion who live in India (a conservative estimate that’s already two years old, by the way) with energy while still meeting New Delhi’s climate commitments, the country has set some extremely ambitious renewable energy targets. In 2015, as part of the Paris climate accord, India pledged that it would reach 350 Gigawatts (GW) of renewable energy capacity by just 2030, and far more recently, at the 2019 Climate Week in New York, India upped its ante to 450 GW over the next ten years. 

While these targets are ambitious, to say the least, Sanjiv Nandan Sahai, Power Secretary for India, stated this week that his country is on track to meet its lofty renewable energy commitments. As of September 30, 2020, India’s renewable energy capacity clocked in at about 90 GW, primarily sourced from wind and solar (with wind accounting for 38 GW and solar accounting for 36 GW). Wind energy has been growing in India for twenty years now, while the nation has only been ramping up its solar capacity for half that time. 

This means that, despite the Power Secretary’s optimistic assertions, India has a long way to go to meet its climate targets, and 2030 is just around the corner. In order to install the deficit 250 GW of renewable energy capacity by that deadline, India needs to install 25-35GW of renewable energy capacity every year, which is more than double the current rate.

“This would require concerted policy effort, including on the following: (1) demand creation for renewable energy; (2) revenue certainty for renewable energy power projects; (3) risk reduction for development, construction, and operation of these projects; and (4) system integration of variable and intermittent renewable energy supply,”reports Energyworld.com, a branch of India’s Economic Times. 

For the world to have any hope of avoiding catastrophic climate change, it’s essential that the growing middle class around the world avoid the heavily polluting mistakes of the first world’s post-Industrial trajectory. This means that the twin giants of India and China, especially, carry a great burden for all of us to meet the growing energy demands of their combined population of nearly 3 billion people--more of whom are gaining access to electricity every day--with clean energy capacity. 

READ MORE: Russia looking to bolster oil supplies to India for decades ahead

Luckily, the clean energy agenda can be one and the same as the energy security agenda for these rapidly developing nations. As we’ve seen in China, weaning the nation off of foreign fossil fuel exports has been a priority for the nation largely due to a desire for energy security and energy independence, but doing so has allowed the nation to keep setting and meeting loftier emissions goals while also creating a great public relations opportunity about Beijing’s contributions to the global clean energy transition. 

India has also shown a twin incentive for ramping up its own installed renewable energy capacity, based in energy security as much as the need for a cleaner air and atmosphere, and it’s working: the nation is currently working on building the world’s single-biggest renewable energy project, a massive 30 GW solar–wind farm. “This park will be spread over 70,000 hectares of land, equivalent to Singapore and Bahrain,” Indian Prime Minister Narendra Modi said in a speech at the park’s kick-off last week. The new, almost impossibly large mega-farm will be located in Gujarat, India, where the enormous foundation for the project--and the world’s hope for avoiding climate change--has already been laid.

This article was originally published on Oilprice.com

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

It reportedly took the company an hour to shut down the conduit that remained inoperable for six days. The step was allegedly taken to prevent the damage from spreading to the pipeline’s operational
подробнее...

India’s refiners halted imports from Iran several months after the previous US Administration slapped sanctions on the Islamic Republic’s oil industry and withdrew from the so-called nuclear deal in
подробнее...

Bitcoin rose above $42,000 per token, marking an 25% day-over-day growth as of 13:15 GMT, according the data tracked by CoinMarketCap. Its market value is currently around $750 billion.Some of
подробнее...

“Despite the difficult epidemiological situation and the imposed quarantine restrictions, the supply of some Russian agricultural and food products not only did not decrease but continued to grow,”
подробнее...

In recent weeks, there has been some optimism across Europe as UK fuel sales reached their highest level since the start of the pandemic restrictions in 2020. In addition, toll roads across France,
подробнее...

Bitcoin was trading at $36,818 at 07:44 GMT, marking a day-on-day drop of nearly eight percent. The fall comes after a week of extreme volatility, with the price of the most-valued virtual currency
подробнее...

Traffic on highways in Spain and France, one of the largest car markets in Europe, is now only slightly off the pre-COVID levels from 2019, according to data from highway operators quoted by
подробнее...

According to the report, Iran could return to a production level of 4 million bpd in as little as three months. What’s more, it could add to that figure millions of barrels of crude currently in
подробнее...

The company’s CEO Leonid Mikhelson said during a meeting with Russian President Vladimir Putin on Monday that “The launch of the first line is planned for 2023, the second line in 2024, and the third
подробнее...

Musk, who as recently as March climbed to the coveted top spot in the Bloomberg Billionaires Index before being edged out by Amazon’s Jeff Bezos, lost his runner-up position to Bernard Arnaut,
подробнее...

Aging infrastructure is the reason for President Biden’s new national infrastructure plan. However, this comes after years of neglect which has cost the oil and gas sector billions of dollars, as well
подробнее...

The reason: peak oil demand is looming and countries are determined to make the most of their oil resources while they can.“Everything that can be produced should be produced while there is still
подробнее...

Boom Bust talks to Jeffrey Tucker, author of ‘Liberty or Lockdown’, about how businesses and consumers are reacting to the ruling.Tucker says it “has created a weird situation where the customers
подробнее...

Apart from the US, the automaker has already launched two production sites in the Chinese municipality of Shanghai, and is considering opening facilities in other parts of the world, Musk said via a
подробнее...

“We are in an inflationary spike,” Pento says, adding: “What I see coming forward, especially into 2022, is the end of fiscal and monetary support.”According to him, “a massive and unprecedented asset
подробнее...

Despite the possibility of a return of Iranian oil supply and the resurgence of Covid in parts of Asia, global oil demand is “healing” and oil inventories are set to normalize over the next two to
подробнее...

“Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings,” a user named CryptoWhale said in a tweet on Sunday. “With the amount of hate
подробнее...

According to the US State Department, penalties against the company and its CEO, Matthias Warnig, would have a negative impact on US relations with Germany, the EU, and other European allies and
подробнее...