28 July 2016 | Article
India is one of the most dynamic and vibrant markets in the world for renewable energy. This key emerging market, home to 16% of the global population in 2017, is poised for some of the fastest energy demand growth over the coming decades. Development of renewables is happening on many fronts, from on-the-ground innovation and technological breakthroughs to policy measures at all levels.
This working paper provides a perspective on the changes needed for India to further accelerate the adoption of renewables, and thereby achieve an affordable, secure, inclusive and environmentally friendly energy system that can address expanding energy demand and socio-economic needs.
The country possesses a wealth of renewable resources, particularly for solar and bioenergy development. Greater integration of renewables would improve energy access for poor communities and boost overall energy security.
To make the most of this potential, investments in India’s renewable energy capacity have to more than double. The country must mobilise affordable financing and adopt new business models; develop a skilled and knowledgeable workforce; and introduce modern renewables-based technologies into people’s daily cooking, cooling and transportation routines. Achieving this requires annual renewable energy investments worth USD 42 billion over the period to 2030.
In economic terms, however, the increased use of renewables in 2030 would save India some 12 times more than it costs, when reduced environmental and health damage are taken into account. Along with ensuring cleaner air and water and helping to curb energy-related carbon dioxide emissions, the transition to renewable energy would create more jobs, the analysis shows.
The country analysis forms part of REmap – IRENA’s global roadmap to double renewables in the energy mix.