The main impetus for emphasis on renewable energy in India is its pursuit of energy security and self-sufficiency. However, it is also deeply tied to the sustainable development goals which aims to provide affordable energy for all. India has committed to achieving 50 per cent of its energy capacity from renewable sources by 2030.
Energy needs and human development
Economic development directly influences energy demand. The country’s current Human Development Index (HDI) stands at approximately 0.644, with per capita electricity consumption at around 1,300 units per year. In comparison, developed nations have HDI scores exceeding 0.9 and per capita electricity consumption of over 25,000 units annually. For India to achieve higher development levels and meet the needs of its projected population of 1.6 billion by 2047, strategic energy planning is essential.
Current energy demand and decarbonisation
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BALANCING GROWTH, SECURITY, AND ENVIRONMENTAL RESPONSIBILITY FOR SUSTAINABLE ENERGY FUTURE
We will have to continue using a mix of coal and other fossil fuels alongside renewable/ green energy; there is no shortcut to this.
DEMAND LIFTING RE
The Indian solar sector is gearing up for expansion, with projections indicating a manufacturing capacity surge to over 100 gigawatts within the next six months.
Bioenergy and its potential to reduce carbon emissions
Bioenergy is a renewable energy source derived from organic materials biomass), including plants, agricultural residues, forestry by-products, and organic waste. It can be converted into energy through combustion, gasification, anaerobic digestion, and fermentation, serving multiple purposes such as heating, electricity generation, and transportation fuels. As the world seeks to transition from fossil fuels, bioenergy offers a consistent, sustainable energy source that complements intermittent renewables like solar and wind.
Managing energy transition risks
Energy transition is a strategic shift to low-carbon or renewable sources to address climate change and ensure long-term energy security, but it is also fraught with multiple challenges. The authors believe that using an Enterprise Risk Management ERM) framework can help develop comprehensive Strategies to address such challenges.
Technological innovations addressing renewable energy intermittency
Advanced energy storage and smart grids are crucial for stabilising intermittent renewable energy. In contrast, government policies that promote private investment and green energy access are key to reducing emissions in India’s power sector.
GLOBAL ENERGY LANDSCAPE IS EVOLVING TO ADAPT NON-CONVENTIONAL SOURCES
Innovations in energy storage, grid upgrades, and AI-enhanced efficiency drive the energy transition, while geopolitical tensions and supply chain issues stress energy security and diversification.
Fast-growing energy demand spurs focus on renewable security
Advanced solid-state batteries can store more energy in a smaller space, making them ideal for grid applications where high capacity and durability are essential.
The future of sustainable fuels
Hydrogen Is rapidly becoming vital in the global transition to sustainable energy solutions. Innovative technologies and strategic partnerships accelerate hydrogen adoption, especially in Southeast Asia.
Exploring green hydrogen, nuclear alternatives critical for sustainable future
As of September 2024, India's installed capacity is 452 gigawatts, with 34.13 percent contributed by renewable energy sources.
Solar rooftop technology enhances rural energy security, reducing grid inefficiencies
Decentralised renewable energy systems, including solar rooftops, are significant job creators, particularly in rural areas. These systems have higher job creation potential compared to utility-scale solar projects.
