India's Clean Energy Ambition: Accelerating Offshore Wind, EVs, and Green Hydrogen Deployment
Key Ideas
  • India is on track to achieve its 2030 clean energy goals but needs increased government support for offshore wind, EVs, and green hydrogen.
  • Current support for solar PV and battery energy storage is sufficient, but offshore wind and GH2 require immediate investment to reach competitiveness.
  • The report highlights the economic and environmental benefits of investing in clean energy technologies early, driving job creation and reducing emissions.
  • Government action is crucial at both central and state levels to attract private investments and ensure India's global competitiveness in the clean energy sector.
A new report by the Center for Study of Science, Technology and Policy (CSTEP) and the International Institute for Sustainable Development (IISD) emphasizes India's progress towards its 2030 clean energy goals while calling for enhanced government support for offshore wind, electric vehicles (EVs), and green hydrogen (GH2). The report acknowledges the central government's ambitious targets to boost various clean technologies by 2030 to enhance energy independence, security, and access, and reduce pollution and greenhouse gas emissions. While current measures are on track for solar PV and battery energy storage systems (BESSs), the report highlights the need for regulatory reforms and accelerated auctions. It emphasizes that emerging technologies like offshore wind and green hydrogen require immediate additional investment to achieve cost competitiveness. Offshore wind, with its 71 GW potential in India, presents a significant cost gap, needing around Rs 9,000 crore per GW in additional government support. The report finds that the cost gap for electric two-wheelers, GH2, and offshore wind is substantial, requiring high investments. It stresses the importance of government action at both central and state levels to kickstart early investments in clean energy technologies, attracting private capital and yielding long-term economic and environmental benefits. Bold investments and policy alignment are crucial for India to realize the transformative potential of these technologies and drive economic growth, job creation, revenue generation, and emission reduction.
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