India is one of the fastest growing economies, and its renewable energy sector contributes immensely to its growth. Various vital sectors in India are still dependent on conventional energy, so the rate of planet-warming carbon emissions by India is increasing gradually. In recent years, the Indian government has worked very dedicatedly, implementing unique steps on a large scale and preparing master plans to reduce this carbon footprint emission by millions of tons. It has eventually led to rapid adaptation of renewable energies in prominent areas of the country. Renewable energies are poised to grow abundantly within the coming decades, so here are three essential things you should understand about renewable energy in India!
Ministry of Non-Conventional Energy Resources
The renewable energy requirements of the country are thoroughly taken care of by the Ministry of New and Renewable Energy (MNRE). India was the first country in the world to set up a ministry for renewable energy sources in the early 1980s. The mission of this ministry is to develop and deploy alternate fuels like hydrogen, bio-fuels, and synthetic fuels and their applications to significantly contribute towards bridging the gap between domestic oil supply and demand, lessening the dependency on oil imports. In addition to the previous aim, it also focuses on increasing the shares of green energies in electricity generation across the country.
Boosting Solar Power
The installed renewable energy capacity of India has increased to 400% approximately since the last decade, and astonishingly as of June 2022, installed solar energy capacity has grown by around 20 times since last decade. According to the data by www.investindia.gov.in, the installed solar energy capacity until June 2022 was 56.6 GW. Solar power is inexhaustible, and it has numerous applications in rural as well as urban areas. The Southern West part of Karnataka is leading the solar energy production by collaborating with solar Indian companies. Kerala has a total power capacity of 7,100MW.
Key to the Exponential Growth of Indian GDP
The renewable energy sector is adding to employment more than non-conventional sectors. Looking at the ambitious goal to achieve net zero carbon by 2030 with solar capacity, the demand for other clean energies will also increase. Overall, renewable energies will reduce coal dependency and account for more than 50% of electricity generation in the country. The main factors of adapting renewable energies while contributing to economic growth would be to improve energy security, enhance access to energy, and mitigate climate change.
The industrial and commercial sectors are leaning toward energy change, and transitioning to renewable energy. A leading renewable energy solution provider like AMP Energy India, with a current portfolio of about 2GWp+ spread across 15 states in the country, is one of India’s only triple-play renewable developers having a balanced portfolio of C&I and utility customers. The development and deployment of renewable energies in India is in safe hands, and the growth of renewable energies in India is inevitable.