India's Clean Energy Future: Navigating Challenges and Opportunities
Key Ideas
- Solar power and Battery Energy Storage Systems (BESS) on track to meet 2030 targets with current government support.
- Offshore wind and Green Hydrogen (GH2) face significant cost gaps requiring immediate government intervention for acceleration.
- Government subsidies cover a small percentage of GH2 cost gap with a need for substantial financial backing until 2030 and beyond.
- Urgent call for investments in clean energy technologies to achieve sustainable growth, job creation, and environmental benefits.
India is making significant progress towards achieving its 2030 clean energy targets for solar power and Battery Energy Storage Systems (BESS) due to existing subsidies and government policies. However, a recent report by CSTEP and IISD highlights the urgent need for government intervention to accelerate the development of offshore wind and Green Hydrogen (GH2) technologies. While solar power and BESS are on track, offshore wind faces a significant cost gap despite its vast potential. The report estimates that additional investments are necessary to tap into the offshore wind potential of 71 GW. GH2 technology faces an even larger cost gap, projected to reach ₹2.8 lakh crore by 2030, with current subsidies covering only a small percentage. The report emphasizes the necessity of revising GH2 targets to align with realistic timelines and increase financial support. It advocates for government support to make clean energy technologies more affordable and competitive, highlighting the role of both central and state governments in scaling up investments. Investing in clean energy technologies, especially in high-cost sectors like offshore wind and GH2, is crucial for India's global competitiveness and long-term economic and environmental resilience.
Topics
India
Clean Energy
Sustainability
Investment
Job Creation
Economic Growth
Government Intervention
Environmental Benefits
Emerging Technologies
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