India’s Sustainable Future

According to an October 2022 study from the Institute for Energy Economics and Financial Analysis, India’s renewable energy industry is shining and thriving. This does not come as any surprise since Brent Crude oil may reach $100 per barrel or perhaps go higher due to the escalating global energy crisis and the recent tumultuous decision by Saudi Arabia and Russia to reduce their production output by 2 million barrels per day. Brent Crude is currently trading at about $95.04; the bar plunked down by achieving its highest at $97.4 on 7 October 2022. Dispiritedly, Friday’s rupee/dollar exchange rate was `82.4 as a result of a strong dollar abroad and falling crude oil prices. For obvious reasons, India may also have to worry about rising crude oil prices in the near term, but in the long run, it is building its capability in the renewable energy industry to successfully address this situation.

India’s renewable energy stride is not a nine-day wonder. India has come a long way since its independence from a minuscule 1.3 gigawatt (GW) total installed capacity in 1947 to becoming a behemoth at 118 GW now in the renewable energy arena. Over the past 10 years, India’s installed renewable energy capacity has grown by 700%, reaching more than 160 GW. As of July 2022, India has met its nationally determined contribution objective—its installed renewable energy capacity (including hydropower) stood at 161 GW, representing 40% of the overall installed power capacity. In September 2022, the installed solar energy capacity has expanded by 50 times during the previous 10 years, reaching 61 GW. The current renewable energy capacity of India makes it stand at the fourth place in the world next to China, the United States, and Brazil, and particularly over the past 10 years, India has seen a significant increase in the installed capacity of renewable energy sources.