The sense of pride is immense as we observe India’s rise to become a global leader in the renewable energy sector. This development gains even more significance at a time when we’re witnessing a pivotal moment: favorable policy decisions regarding renewable energy are being made without the need for continuous prompting from activists and sustainability advocates. This shift is underscored by the International Energy Agency’s World Energy Outlook report, which highlights a 40% increase in clean energy investments since 2020. Impressively, over $1 billion is being spent daily on solar deployment globally.
Recent research suggests that solar photovoltaic capacity is set to surpass coal, becoming the world’s largest source of energy capacity by 2027. This shift is driven by lower costs and the resilience of these energy sources against market disruptions.
In the Global South, India, alongside China, plays a crucial role in the rapid expansion of solar energy deployment. It’s heartening to see India transition from a conservative approach to a more progressive and international stance. Factors such as its vast population and emerging economic status significantly aid India in climate negotiations. By leveraging these strengths in diplomatic channels, India could solidify its role as a globally responsible leader in climate discussions.
Since the last decade, India has been proactive in this area, co-founding the International Solar Alliance with France. This alliance, aimed at boosting solar energy cooperation, transcends borders and includes many African nations among its 101 ratified members. With shared vulnerabilities to climate change impacts, India can demonstrate leadership by enhancing technological partnerships and knowledge transfer. This assistance will enable low-income countries to adopt low-carbon technologies. Meticulously executed, these initiatives could boost household savings, economic productivity, and empowerment. Moreover, increased reliance on renewable sources like solar energy could mitigate the impact of geopolitical conflicts on energy security, as these sources are less susceptible to market and political disruptions.
India’s emerging leadership in renewable energy is not just beneficial for the country but also for other nations in the Global South. The transition to renewable sources is critical to decouple energy consumption from greenhouse gas emissions.
In the current economic landscape, India faces the challenge of mobilizing significant capital—estimated at around 10 trillion dollars—to achieve net-zero emissions and develop a comprehensive ecosystem encompassing storage, modules, and critical mineral supplies.
However, the growth of solar energy faces several deterrents:
- Higher borrowing costs
- Poor grid resilience for intermittent power
- Unstable supply chains for critical solar minerals
- Intense lobbying by oil and gas industries against the transition
Despite these challenges, the Indian Government remains steadfast in its ambitious growth objectives. This commitment is evident in the Prime Minister’s recent announcement of the ‘Pradhanmantri Suryodaya Yojana’. This scheme, aimed at electrifying ten million households with solar electricity, is commendable but faces significant hurdles.
A closer look at the data reveals that less than one million households in India had rooftop solar installations as of July 2023. Furthermore, of the nearly 12 GW of rooftop solar installations, about 87% are non-residential, indicating a current focus on commercial rather than residential installations. This trend can be attributed to incentives that favor commercial entities. The government’s initiatives to bridge this gap, aiming to reduce electricity bills for the poor and middle class and to make India energy self-reliant, are highly commendable.
India’s progress in the renewable energy sector is a beacon of hope in the global energy crisis. Though the path ahead is challenging, India’s dedication to renewable energy and its potential role as a leader in empowering other nations is essential for a sustainable future. This journey towards a greener and more resilient world is not just commendable but necessary.