According to the 14th National Electricity Plan (NEP), India intends to considerably enhance its renewable energy capacity, with the objective of more than tripling it by 2030.
However, accomplishing this lofty goal will cost a whopping USD 293 billion, according to an analysis from the global energy think tank Ember. The International Energy Agency (IEA) stresses the need for the world to treble renewable energy and double energy efficiency by 2030 in order to reduce dependency on fossil fuels and limit global warming to 1.5 degrees Celsius.
While the G20 nations have endorsed India's target during its presidency, more than 60 countries, led by the United States, the European Union (EU), and the United Arab Emirates (UAE), support the broader commitment. According to Ember's estimate, India will need an additional USD 101 billion to boost its renewable energy generation in order to meet the IEA's recommended net-zero scenario.
By 2030, India would need to generate 32% of its energy from solar and 12% from wind to fulfill the IEA's net-zero roadmap. By 2030, India's total renewable capacity will be 448 GW of solar and 122 GW of wind. The paper highlights problems like as payment delays and adverse regulations, underlining the need for significant funding to meet both the NEP14 targets and the IEA net-zero scenario. Despite these hurdles, India must secure extra funding at competitive rates if it is to avoid building new coal capacity to satisfy rising demand in the future decade.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
