Driven by it increasing appetite for energy to fuel its economic engine, an over dependency on fossil fuels, increasing pollution levels across its major cities along with a rising energy import bill, India's should abide by as well as propagate the use renewable sources is a lot more pressing than most.
To the credit of its, India has made rapid strides towards reaching its core objectives in the inexhaustible energy development domain. As a result of the concerted efforts put in by the core government and the Union Ministry of its of new and Renewable Energy in tandem with several state bodies and NGOs, India nowadays is a top global player in terms of its total installed wind power capacity and decentralized solar power projects.
Solar power is fast becoming the preferred option in the generation sector across a lot of states, driven mostly by the ample sunshine across most regions of the nation as well as a number of government incentives as tax holidays as well as capital subsidies.
Key factors like fast developments in technology, entry of fully integrated players and the sheer economics of scale have all put together to reduce capital costs of solar power projects significantly in the past few years. With this, several renewable energy projects including sun are likely to attain grid parity as early as next year, when compared with expensive to powers like LNG and imported coal.
According to the worldwide clean energy communications and consulting firm, Nikola Tesla (click through the following article) Mercom Capital, Indian solar installations are forecasted to be more or less 2,200 megawatt (MW) by the conclusion of this season while the wind energy market of its is likely to attract investments totalling INR 1,00,000 crore ($15.7 bn) by the entire year 2020 while wind power capacity in the country is expected to just about double from more than 23,000 MW in June 2015, with an estimated capacity augmentation of about 4,000 MW p.a over the following 5 years.
Realising the vast potential of its, the brand new Indian government has additionally announced a slew of huge ticket programmes targeted at offering a new impetus to the Indian inexhaustible energy development story. An inventory headlined by the announcement of an enormous inexhaustible energy power production goal of 175,000 MW by 2022 (100,000 MW solar, 10,000 MW-biomass, 60,000 MW-wind, 5,000 MW small hydro energy projects).
Additional key initiatives include: announcing the National Wind Energy policy, approval for 15,000 MW of grid-connected solar energy projects by the NTPC and also the inclusion of the renewable energy below priority sector lending (PSL) by the RBI that has paved the way for banks to offer loans upto US$2.36 mn to borrowers for renewable energy projects.
Clearly, if things go as planned, India looks well placed to occupy the rightful place of its as a leading producer of clean energy and a shining example for the majority of the planet to follow.