India’s energy future is looking green, report says

Bengaluru, India, Oct. 14: India’s renewables sector is booming, with the country projected to add 35 to 40 gigawatts of renewable energy annually until 2030, enough to power up to 30 million more homes each year, a report said Thursday.

The Institute for Energy Economics and Financial Analysis estimated that India, the third largest energy-consuming country in the world, will reach 405 gigawatts of renewable energy capacity by 2030. It’s expected to surpass the government’s target of producing 50% of its electricity from non-fossil fuel sources by the end of the decade.

The Indian government’s own projections estimate the country will produce even more renewable energy — 500 gigawatts — in the same time frame. Currently, fossil fuels account for 59% of India’s installed energy capacity, but are expected to make up just 31.6% of the energy mix by 2030.

“While there were disruptions to India’s clean energy journey because of the war in Europe among other reasons, India has big plans,” said Vibhuti Garg, co-author of the report and senior energy specialist at IEEFA. “India is energy hungry and this hunger will only increase with our economic and population growth.”

She added that the low cost of renewables as well as the need for cleaner energy sources to curb climate change have driven the growth of the sector in the country, which is the world’s third largest renewable energy market. No other country’s energy needs are expected to balloon as much as India’s in the coming years, as living standards improve and its 1.3 billion population grows. (AP)