With your contribution, India will see the fastest growth in electricity demand in the next twenty years than any country in the world and this will be in the field of non-fossil fuel energy.
Yes, with your contribution because you will be the reason for this energy demand. And in order to meet your energy demand and fight climate change, Renewable Energy is sure to get a strong priority. Rather, it would not be wrong to say that India is now entering the era of a solar energy revolution, which will overtake coal as the primary source of energy in times to come.
These things were revealed in a special report titled The India Energy Outlook 2021 released by the International Energy Agency.
Solar energy currently constitutes 4% of the country’s electricity supply, but by 2040 it is estimated that this figure will increase by 18 times to become the king in India’s energy sector.
This report has found that the world’s third-largest emitter, India, will increase energy demand more than any other nation in the next two decades, leaving India behind the European Union to become the third-largest consumer of energy . The International Energy Agency believes that under current policies, India’s emissions are also expected to increase by 50% during this period. But even then, given India’s population, India’s per capita emissions will be well below the global average.
The report also envisages how India could be on a path of net-zero emissions for its energy sector by combining new technologies such as shutdown of coal plants and hydrogen carbon capture by the mid-2030s.
And as India continues to expand the industrialization of its industries, IEA Executive Director Dr. Fatih Birol admits, “All global roads to successful clean energy transition originate from India.”
Dr. Fatih Birol further states, “India has made significant progress in recent years, by effectively reaching power connections to hundreds of crores of people and effectively increasing the use of renewable energy, especially solar. Our new report marks a tremendous opportunity for India to successfully fulfill the aspirations of its citizens, without following the high-carbon path other economies have done in the past. The successes of the Government of India’s energy policy have made me very optimistic about the ability to meet the challenges ahead in terms of energy security and sustainability. “
Going back to the report, it has been found that the expansion of solar power combined with smart policy-making is transforming India’s electricity sector and is able to provide clean, affordable and reliable electricity to a growing number of households and businesses. Huh. However, as in economies around the world, transport and industrial sectors – sectors such as road freight, steel and cement – will prove far more challenging to develop in a sustainable manner.
More than any other major economy, India’s energy future depends on buildings and factories that are yet to be built, and vehicles and equipment that are yet to be purchased. Based on India’s current policy settings, around 60% of CO2 emissions at the end of 2030 will be from infrastructure and machines that do not exist today. This represents a huge opportunity for policies to turn India on a more secure and sustainable path.
If India follows this path, it will have to address the critical challenge of the industrial sector through efforts such as more extensive electrification of processes, greater material and energy efficiency, the use of technologies such as carbon capture and the switch to progressively lower carbon fuels . Electrification, efficiency and fuel switching are also the main tools for the transport sector, with a scheduled move to move more freight on India’s soon-to-be electrified railways and to build more sustainable infrastructure.
These changes – the scale of which no country has achieved in history – require innovation, strong participation and a large amount of advancement. The additional funding for clean energy technologies needed to put India on a sustainable path over the next 20 years is $ 1.4 trillion, or 70%, which is more than the current policy setting. But the gains are huge, including savings of the same magnitude on the oil import bill.