Wind energy and solar power were the two primary renewable energy sources with the largest installed capacity in India in 2019. In 2030, Premier Narendra Modi wants to produce the equivalent of 450 gigawatts of renewable power, five times greater than the current achievable amount. If he achieves this, India will generate 60 percent of its energy from non-fossil fuel sources in 2030, much more than the 40% target set in the Paris Commitment.
India’s future could lie in solar energy. With more than 300 sunny days every year, India has the potential to become a world leader in solar power that, when coupled with battery storage, will be more affordable than the current power generated by coal by 2030.
The path to sustainability will not be cheap or easy. As per the IEA study, a country has not achieved a change of the magnitude needed to shift from the present policies towards a sustainable development model. It also calls for innovation, solid alliances, and vast capital.
India may be able to the challenge. Based on the country’s current policies, the price of gasoline imports is expected to quadruple over the next two decades. India is among the few nations close to achieving all of the Paris commitments and is recognized as a leader in renewable energy as well as storage of energy. India’s cost of importing fuel can be drastically reduced by absorbing the costs of investing in renewable energy, should it take the more sustainable option of decreasing emissions and increasing the proportion of non-fossil power to generate electricity.
India offers a private investment opportunity of around 700 billion dollars in energy from renewable sources, per the Standard Chartered SDG Investment Map. To achieve sustainable goals and guarantee equitable growth for all the world’s people, the private sector needs to alter the foundations of its service and business models and establish cooperative alliances.
It is becoming increasingly apparent that we’re going through a period of transformation. To realize potential, widen the scope, pay attention to more significant issues, and ultimately build partnerships that help in the common good, you need exemplary and decisive leadership.
India has many public and corporate leaders committed to a better and more prosperous future. An essential measure for private investors looking to change the world and improve the living conditions of millions of Indians in the coming ten years is 2030.
India could become an example for other countries worldwide by setting the path for sustainable development, increasing income, environmental justice, and a future of green energy.
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