Singapore, Oct 29 (PTI) There is significant growth opportunity for renewable energy sector in India, as the country's growing energy demand along with rapid industrialization needs all resources of energy, including solar and wind, according to an international sustainable development agency in Vienna.
The Indian government has shown both a deep as well as a continued commitment to renewable energy, said Kanika Chawla, Director and Chief of Staff at ‘Sustainable Energy For All’ (SEforALL).
Speaking to PTI on the sidelines of Singapore International Energy Week held in October 21-25, Chawla said there is more manufacturing (renewable energy) happening within India which also improves security and reduces import dependence.
"India is using policies like performance-linked incentives for manufacturing. All this is very laudable and brings energy economic prosperity to the people," she noted.
Chawla also acknowledged that clean energy solutions are quite job intensive as every kWh of RE generates three times as many jobs compared to thermal.
India is also exploring geothermal options in Himachal Pradesh, Kashmir and Ladakh, she said, adding that the offshore exploration underway for wind energy, and the large-scale options are available in Gujarat and Tamil Nadu.
She noted that India remains a very price sensitive market and as such calls for reducing the cost of renewable energy units.
Solar prices have been reduced significantly over the last decade, making it the cheapest renewable produced compared to anywhere in the world.
Given the country's appetite for electricity, every kind of fuel is needed. And for that reason, wind has the scope to be a good mix in the national energy basket, highlighted Chawla.
However, India will have to learn from the global subsea projects and technologies for such transmission methods.
She noted priorities set by the Green Hydrogen Mission and efforts that are underway, such as partnerships with international companies and technological transfer arrangements.
India is also working on nuclear energy and has nuclear plants for power. But the challenge here is the long-lead time taken to build and critical-commissioning of a nuclear plant with safety and security concerns. Comparatively, solar projects have a record of being implemented within 18-24 months.
Presenting the latest update on power sector at the Singapore conference, Harish Dudani, member Central Electricity Regulatory Commission, said “In just a short span, from FY 2015-16 to FY 2023-24, there has been an expansion in solar and wind power from 40 GW to 143 GW.
"This tremendous growth highlights India's capability to scale up renewable capacity at an unprecedented pace, positioning the country as one of the global leaders in energy transition," she said.
India has taken a pledge to achieve about 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030 at COP 26 Glasgow.
For Green Transition, India has set an ambitious target of 500 GW of variable renewable energy capacity by 2030 and announced a Net Zero target year of 2070.