India's Path to Clean Energy Success: Time for Bold Investments and Policy Alignment
Key Ideas
- India is progressing towards its 2030 clean energy goals, with government support playing a crucial role in sectors like solar PV and battery energy storage systems.
- The country needs to enhance support for emerging technologies such as offshore wind and green hydrogen to achieve cost competitiveness and meet clean energy targets.
- Investments in clean energy technologies now, including high-cost sectors like offshore wind and green hydrogen, will ensure India's global competitiveness and long-term economic resilience.
- Both central and state governments must take urgent action to attract private investments in clean energy, leading to economic growth, job creation, and environmental benefits.
A new report jointly produced by the Center for Study of Science, Technology and Policy (CSTEP) and the International Institute for Sustainable Development (IISD) highlights India's progress towards its 2030 clean energy goals and the importance of government support in accelerating the deployment of renewable energy technologies. While current measures are sufficient for solar PV and battery energy storage systems, additional support is needed for offshore wind and green hydrogen to bridge the cost gap and achieve competitiveness. The report emphasizes the need for bold investments and policy alignment to realize the potential of these emerging technologies.
Offshore wind, with its significant cost gap, requires substantial government support to tap into India's vast potential. The report estimates a need for around ~INR 9,000 crore per GW for offshore wind, showcasing the scale of investment required. The analysis also reveals the cost gap for various technologies, highlighting the financial support needed till 2030.
Recognizing the role of both central and state governments, the report urges immediate action to attract private investments in clean energy technologies. It emphasizes that early investments will lead to long-term economic and environmental benefits, including job creation, economic growth, and reduced greenhouse gas emissions. Investing in clean energy now, even in high-cost sectors like offshore wind and green hydrogen, is crucial for India's global competitiveness and resilience in the future.
Topics
India
Renewable Energy
Clean Energy
Sustainability
Government Support
Economic Growth
Environmental Benefits
Policy Alignment
Technology Investment
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