Daily Hot Topic
Topic : India’s Green Energy Transition
GS-3 Mains : Economy
Revision Notes
In the News:
- World Bank approves $1.5 billion for India’s second Low-Carbon Energy Programmatic Development Policy Operation (June 2024).
- Funds to support green hydrogen production and mobilize finance for low-carbon investments.
Background:
- India faces a challenge: balancing economic growth with environmental sustainability.
- Transition from fossil fuels to renewable energy is crucial due to:
- Global environmental concerns
- Energy security needs
- Economic imperatives
India’s Green Energy Push:
- Focus on various sectors: electricity, industry, transport, agriculture, cooking, etc.
- Current Status (as of May 2024):
- 4th globally in Renewable Energy Installed Capacity (including large hydro)
- 4th in Wind Power Capacity
- 5th in Solar Power Capacity (Source: REN21 Renewables 2024 Global Status Report)
- Highest year-on-year growth in renewable energy additions (9.83%) in 2022.
- Solar energy capacity increased 30 times in the last 9 years to 84.27 GW.
- Ranked 63rd on the World Economic Forum’s Energy Transition Index (June 2024).
Advantages of Green Energy Transition:
- Environmental: Improves air quality, mitigates climate change.
- Energy Security: Reduces reliance on imported fossil fuels, stabilizes energy prices.
- Economic Opportunities: Creates jobs, fosters innovation, attracts investments.
- India is a global hub for solar energy manufacturing, reducing costs and increasing accessibility.
- Inspiration for the World: India’s green workforce and domestic battery supply chain can significantly contribute to fighting climate change.
Challenges of Green Energy Transition:
- Financial Viability: Renewable energy technologies (solar, wind) need to be more cost-competitive with conventional sources.
- Infrastructure Development: Building transmission lines, substations, and storage facilities is crucial but faces logistical and bureaucratic hurdles.
- Policy and Regulatory Framework: Inconsistencies, delays, and evolving frameworks create challenges for investors and developers.
- Lack of Trained Manpower: Shortage of professionals and technicians with specialized skills in renewable energy technologies.
Government Initiatives:
- National Green Hydrogen Mission to develop a domestic market.
- Permitting 100% Foreign Direct Investment (FDI) for renewable energy projects.
- Schemes like PM-KUSUM and Solar Rooftop to promote renewable energy use.
- Panchamrit targets: 500 GW of non-fossil fuel based energy by 2030.
- Measures like waiver of transmission charges, renewable purchase obligations, and Ultra Mega Renewable Energy Parks.
- One Sun, One World, One Grid (OSOWOG) for a global solar power grid (proposed by PM Modi in 2018).
The Way Forward:
- India’s abundant sunshine, coastline, and vacant lands offer potential for wind, solar, and hydro power generation.
- Continued focus on targets, supportive policies, technological advancements, and international collaboration are key to success.
- By addressing challenges effectively, India can become a global leader in renewable energy innovation and achieve sustainable energy security.
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