India is on a rapid growth trajectory, aiming toward that 5 trillion-dollar economy, and is projected to become the third-largest economy in the world by the end of the next decade. With the growth in the economy, there come two other aspects – growth in population and demand for energy and being vulnerable to climate change. As a developing nation, will India be able to tackle its energy demand and still move toward the net-zero target?
The answer lies in solar power solutions. India experiences almost 300 sunny days in a year, making it the hotspot of solar power systems and become the leader in solar energy across the world. It is predicted that by 2030, solar energy in India will become cheaper than all forms of energy produced from coal. These are not audacious demands, the numbers do back them up. The last calendar year, 2021, saw 68.77 billion units of solar power being produced in India. The figures show a rise of 18% year-on-year driven by new capacities and install bases.
India is said to experience the world’s largest energy demands in the coming decades and it will be solar power solutions that will drive the path of transformation. Solar energy generation has been growing at a steady pace for the last five years and it has overtaken hydro energy as India’s leading source of renewable energy. To continue on this path of transformation and help India attain its goal of a new zero, power trading companies in India have a major role to play. India alone is generating opportunities worth 700 billion dollars in the renewable energy segment. The country is also fortunate enough to have visionary business and public leadership. All that is needed, is when all these forces work in sync with each other and work toward a common vision.
Turning toward renewable sources of energy is nothing new. But in the context of climate change and the growing population, it becomes an imperative. By the end of Q4 2021, solar power had the largest share among renewable energy sources, contributing more than 12% of the total install base and 32% of the total renewable energy capacity in 2021.
Is the journey toward net-zero a bed of roses – NO? It is indeed difficult to empower billions of people and enlighten their lives. The need of the hour lies in some bold decisions and firm leadership. An example of that came in the form of the green energy act, which enabled more consumers to opt for renewable sources of energy and reduce their burden of energy consumption. Firm leadership should also be backed by investments, both internal and foreign. As a nation, we need to widen the perspective and use technological advancements to tap into solar power solutions in the best manner.
India has proven that it can become a world power and has the potential to become a world power. The solar power system will be that north start for India leading them onto their journey to a net-zero carbon footprint.
Altilium is a leading power trading company in India. With an overall team experience of 45 years in the Indian power sector, our array of services includes bespoke Electricity Regulatory advisory, energy portfolio management, Renewable Energy offtake & trade, open access services, and Renewable Energy Projects management along with carbon footprint services in India to name a few. Being one of the leading CERC (Central Electricity Regulatory Commission) approved power trading companies in India, we are managing a trading volume of 5 Mus (million units) every quarter for our clients PAN India through spot market transactions and other open access modes (short-term/medium-term power supply). Let’s explore the future of renewable energy together! Do connect with us at firstname.lastname@example.org