Decarbonization is not only an environmental solution. Decarbonization has a far-reaching impact on the economy, particularly in countries like India, with a large population and a burgeoning economy.
Decarbonization and Markets
We see the effects of the fluctuation in fossil fuel prices on both the domestic and international markets every day. The energy bill is inversely correlated with inflation, imports, exports, and infrastructure development. The price increase of petrol and diesel has always been a source of concern for consumers and governments around the world. Renewables are now a solution to these economic issues, thanks to the latest technological advancements.
It’s not just about environmental issues.
In addition, pollution of the air, water, and energy are not only environmental problems but also socio-economic ones, as they place a strain on the infrastructure and healthcare systems in a nation. Reduced stress automatically translates into an improved quality of life.
The impact of India’s green energy strategy is huge. India’s fuel import bill in December 2017 increased by an enormous 35%, to $10.34bn, compared to the same month the year before.
We spend over $100 billion per year on fossil fuels. This is a large amount of money that can be saved if we invest in solar energy and other renewables. This will allow us to free up valuable financial resources that can be used for a variety of purposes, including creating more jobs in energy, lowering the cost of living and raising living standards, improving the quality of health care services, reforming the education system, etc.
Solar Energy: Its Importance
Solar power is a major part of the Indian green energy policy, and this is not without good reason. Solar power is a good option for India because we have a lot of sunshine. Wind energy farms need vast areas of land, which are not available in our country compared to countries like the US, Australia, and China. Third, solar is more effective in accelerating electrification due to a poor grid connection. India has seen a massive investment in solar systems for commercial and residential use.
Solar gives urban and rural homeowners the chance to improve their quality of life without waiting for the solar revolution. Solar can be very useful for homeowners in cities like Delhi, where summer temperatures and winter temperatures are extreme. A roof-mounted solar system can reduce the cost of electricity for air conditioners and water heaters.
Conclusion
It is a fact that the planet must be decarbonized. Environmental aspects are important, but economic incentives will be the ones that ultimately push us to change our lifestyles. As always, although the developed world might be leading the charge in terms of innovation, it is the developing world that has the most openness to change and is actively exploring.