India’s Rise in Renewable Energy: Elections 2024

India’s energy landscape has undergone a remarkable transformation in the past decade. Under Prime Minister Narendra Modi’s leadership, India, the world’s third-largest emitter, has pledged to significantly reduce its carbon footprint. This includes ambitious goals like decarbonizing half its power sector by 2030 and achieving net zero emissions by 2070. Additionally, India has slashed fossil fuel subsidies by a staggering 59%, surpassing many developed nations. These policies have fueled a boom in the country’s renewable energy sector, with a bright future ahead, albeit with some challenges.

India’s Renewable Energy Journey

India’s energy needs are immense and projected to double by 2070. This has spurred a rapid shift towards renewables, with capacity increasing by a staggering 128% since 2014. Today, India ranks fourth globally in adding renewable energy capacity. Replacing coal-fired power plants with renewables could potentially save India billions of dollars annually.

India’s sunny climate is ideal for solar power generation. The country boasts four of the world’s ten largest solar parks, including the second-largest, the Bhadla Solar Park. It’s also home to the world’s first fully solar-powered airport, highlighting India’s commitment to clean energy. These advancements have propelled India to become the world’s fifth-largest solar power producer, with its installed solar capacity growing thirtyfold in just nine years.

The Bharatiya Janata Party (BJP) has played a key role in promoting renewables through a series of landmark policies and initiatives. These include ambitious targets announced at international forums like COP26, pledging to install 500 GW of renewable energy by 2030 and generate half the country’s electricity from renewables by then. Also, read Powering the Future: Automation in Renewable Energy Sector.

Hydrogen: A Clean Fuel for the Future

India is also taking a lead role in green hydrogen production, a clean fuel crucial for decarbonizing hard-to-electrify sectors like steelmaking. The National Green Hydrogen Mission aims to transform India into a green hydrogen powerhouse, with a target of producing 5 million tonnes annually by 2030. This initiative has the potential to revolutionize industries and position India as a leader in clean steel production.

Conclusion

Prime Minister Modi has vowed to further India’s renewable energy achievements. The BJP’s manifesto outlines plans for massive solar and wind parks, a dedicated “Green Energy Corridor” for nationwide renewable energy distribution, and establishing India as a global leader in renewable energy production. These ambitious plans, if implemented, will significantly contribute to India’s emissions reduction goals, while also creating lucrative investment opportunities.