Currently, India displays economic independence and opting for reduced imports. Nevertheless, the recent policy amendments and changes have facilitated the economic expansion and the realization of India’s potential in renewable energy. New Delhi has agreed to ensure the residents adhere and work towards the achievement of the Paris agreement on climate change. Statistics show that Americans consume more energy annually than Indians. Nevertheless, India’s vast population accounts for the highest carbon emissions placing India in the third position of the top emitters. India anticipates producing over 500 GW of renewable energy by 2030. Currently, the Indian government hopes to generate 175 GW in the next two years.
India anticipates utilizing its tariffs against the importation of energy resources to accelerate the country’s transition to clean energy independently. However, to meet the citizens’ and businesses’ energy needs, they must rely on oil, gas, and coal for the time being before achieving the renewable energy capacity that can cover the essentials. Over the last few years, the country has been importing fossil fuels to support the demands of its demands, a trend that it looks forward to cutting down.
India’s independence from the importation of energy utilities would require it to depend on its coal reserves. India’s leader, Narendra Modi, revealed that they would be opening the coal reserves for commercial extraction and generation of electricity from the coal. However, this move undermines the government’s hope to minimize emissions starting this year. The country further intends to generate 65 GW of electricity from coal plants.
India’s energy minister, R.K. Singh, contradicts the plans to expand coal extraction for electricity generation, saying that most of these plants should have retired to create space for renewables. The advantage of renewables like solar in India is that they do not take up many resources that would result in environmental degradation. Additionally, they save on the cost of distributing electricity to other regions since it covers the communities where the infrastructure is established, like rural and remote towns.
Solar energy is the best opportunity to retrieve the country from carbon emissions. It requires low costs to establish solar panels and systems than using fossil fuels to produce electricity. Statistics reveal that solar power is 14% more affordable than coal power in India. Nevertheless, the country should capitalize on other renewables like wind power and hydroelectric power to secure its economy from becoming notoriety in carbon emissions. Currently, it would be tough to encourage a mix of renewables since they have insufficient technology to cover the storage of this energy.
Finally, since China is the supplier of solar project equipment, the country feels it needs independence of production of such to realize profits from these projects. However, the government fears that increasing tariffs on such equipment would raise electricity costs in the country.