28/04/2022 - Renewable Energy

KEY POINTS

·        India’s per capita energy consumption is about one-third of the global average and one-twelfth of the U.S. Increasing growth and economic prosperity would significantly increase India’s energy appetite furthering import dependence.

·        It will complement and accelerate renewables into India’s clean energy transition, thereby supporting India’s ambitious plan to achieve 500 GW renewable capacity by 2030.

·        On the demand side, a five-step strategy should be devised. Firstly, to create an initial demand, a mandate should be given to mature industries such as refining and fertilisers, with adequate incentives.

·        On the supply side too, a five-step strategy should be devised. Firstly, investment in R&D should be accelerated to bring its cost at par with fossils.

·        Sustainable Alternative Towards Affordable Transportation (SATAT) scheme with a target to produce 15 MMT of compressed biogas could be leveraged by exploring biogas conversion into hydrogen.

·        Commercialize and scale-up nascent technologies, a Viability Gap Funding (VGF) scheme may be introduced for hydrogen-based projects.

·        With hydrogen, India could lead the world in achieving Paris Agreement’s goal to limit global warming to 2°C compared to pre-industrial levels.

·        Hydrogen could lay the foundation of a new India which would be energy-independent; a global climate leader and international energy power.

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