In recent years, India has covered quite a good distance on the road of sustainability. Despite being the second most populous country in the world, India has emerged as a leader in generating power through renewable resources and significantly lowering dependency on fossil fuels.
According to ETEnergyworld, India has attracted investments of over $42 billion for renewable energy in the last 4 years. The clean energy projects in the country have created more than 10 million man-days of employment per year in the period, reported Indian Ministry of New and Renewable Energy (MNRE).
“New opportunities have emerged. Altogether new business space has been created. Indian companies have begun to explore foreign stock exchanges as a source of funds. India is progressively becoming a most-favoured destination for investment in renewables. Foreign investors can enter into joint venture with an Indian partner for collaboration and set up renewable energy-based power generation projects,” the ministry quoted.
Asia’s third-largest economy has set a target of producing 175 GW of energy through renewables by 2022. The pace at which India is pushing renewables, the target is estimated to be completed by 2020, two years before the mentioned time.
RK Singh the MNRE Minister in charge said that India is aiming to install 225 GW of renewable energy. The main players of the renewables are wind and sun, and the geographical location of India favours both of them.
The country has experienced a boom in solar and wind projects, thanks to initiatives like Make In India and Digital India. “Solar energy capacity has grown by nine times, while the wind energy capacity is up by 1.5 times in the last four years,” Anand Kumar, secretary in the ministry said.
India has open gates for foreign investors to run a business in India. Earlier this year, the Spanish renewable giant Siemens Gamesa acquired rights to build their largest wind farm in India. More and more such clean energy initiatives are getting sanctioned.
“Globally, India stands 4th in wind power, 5th in renewable power and 6th in solar power installed capacity. Solar energy capacity increased by over 8 times from 2.63 GW in 2014 to 22 GW. Wind energy capacity increased by 1.6 times from 21 GW in 2014 to 34 GW,” said the statement by the ministry.
The renewable revolution in India aims to reduce the environmental impact of fossil fuels as well as provides employment to millions of countrymen as well as foreign investors. It’s high time other countries follow the suit. Through a collaborative effort, the world can be well on the path of sustainability.