A reality check on India's renewable energy capacity -Shouvik Chakraborty
It has not been able to make full use of reduction in costs
Addressing the plenary session of the World Environment Day celebrations on June 5, 2018, Prime Minister Narendra Modi stated, “We are engaged in a massive push towards renewable energy generation. We have targeted [the] generation of 175 GW of solar and wind energy by 2022. We are already the fifth-largest producer of solar energy in the world. Not only this, we are also the sixth largest producer of renewable energy.” Along with Emmanuel Macron, the President of France, Mr. Modi also won the Champions of the Earth Award last year.
True, the expansion of renewable energy capacity in India is a step in the right direction. There are benefits not only from an environmental perspective but also in terms of generating more employment opportunities. However, the question is whether the government has put forth enough efforts to take advantage of the extremely favourable cost conditions on renewable energy, especially solar photovoltaics and onshore winds. The costs of electricity generation from these sources have declined at a rapid pace over the years and generating power from these renewables now costs more or less the same as fossil fuels.
Taking advantage of these lower costs, other developing economies like China and Brazil have performed much better than India in renewable energy generation. According to the International Renewable Energy Agency, these countries currently rank the first and third respectively in terms of production of renewable energy.
Please click here to read more.