India’s energy future is looking green, report says. India\u2019s renewables sector is booming, with the country projected to add 35 to 40 gigawatts of renewable energy annually until 2030, enough to power up to 30 million more homes each year, a report said Thursday.<\/p>\n
The Institute for Energy Economics and Financial Analysis estimated that India, the third largest energy-consuming country in the world, will reach 405 gigawatts of renewable energy capacity by 2030. It\u2019s expected to surpass the government\u2019s target of producing 50% of its electricity from non-fossil fuel sources by the end of the decade.<\/p>\n
The Indian government\u2019s own projections estimate the country will produce even more renewable energy \u2014 500 gigawatts \u2014 in the same time frame. Currently, fossil fuels account for 59% of India\u2019s installed energy capacity, but are expected to make up just 31.6% of the energy mix by 2030.<\/p>\n
\u201cWhile there were disruptions to India\u2019s clean energy journey because of the war in Europe among other reasons, India has big plans,\u201d said Vibhuti Garg, co-author of the report and senior energy specialist at IEEFA. \u201cIndia is energy hungry and this hunger will only increase with our economic and population growth.\u201d<\/p>\n
She added that the low cost of renewables as well as the need for cleaner energy sources to curb climate change have driven the growth of the sector in the country, which is the world\u2019s third largest renewable energy market.<\/p>\n
No other country\u2019s energy needs are expected to balloon as much as India\u2019s in the coming years, as living standards improve and its 1.3 billion population grows.<\/p>\n
The report, which analyzed data from various green energy corporations and publicly funded energy companies, also found that 151 gigawatts of renewable energy will be added by private clean energy companies alone. Adani Green Energy<\/a>, a private company, will account for the largest single addition, going from 5.8 gigawatts to 45 gigawatts of renewable energy production.<\/p>\n Although the country has made significant strides in clean energy, experts say there is still room for improvement.<\/p>\n