According to a new report, India is estimated to have a significant rise in low-carbon energy investments by 2023. The report from Oilprice.com highlights that India might attract a business of almost $10 billion in the low-carbon energy segment. Bank of America analysts have considered India to be a bright spot in a subdued capital-raising market, it adds.
India is the third-highest country in the world in terms of annual CO2 emissions. However, according to the International Energy Agency, India’s CO2 emissions per person are lower when taking historical emissions per person into consideration. According to the IEA, the same can be considered to be true in terms of energy consumption: the average household consumption in India is tenth in terms of electricity used by the average household in the United States.
Funding And Investment
So far funding for India has been received from Singapore, Norway, and Abu Dhabi among others. During an interview with Bloomberg, Kaku Nakhate, Bank of America’s President and Country Head of the Indian division said, “if you plan to get your ESG story right, and are into energy, then you should consider doing large pieces of work in India,” The Economic Forum reported that $14.5 billion has already been invested in renewable energy in India. It was 125% more than the financial year 2020-21 and 72% higher than the year prior to the epidemic in 2019–20. By August 31, 2022, India had installed a combined capacity of a total of 163 GW of renewable energy, including major hydropower.
Vibhuti Garg, Director, South Asia, Institute for Energy Economics and Financial Analysis stated to WEF that “the rise in electricity demand and the falling prices for renewable energy have pushed India to manufacture solar photovoltaic modules”. She further added that the government support schemes have aimed at boosting Indian manufacturers’ competitiveness and attracting investment (Production Linked Incentive schemes). "The waiver of transmission charges for renewable energy is the key factor of India’s renewable energy growth right now," she said.
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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.
