The rising demand for renewable energy in sustainable India

The renewable energy sector is undergoing a massive global transformation, with the outlook reaching new heights.

With the rise of exhaustible energy crises and other environmental hazards, people have become much more aware of clean and sustainable energy sources.

The natural sources of energy used by prominent global powers as renewable energy technologies are solar, wind, tidal, biomass, and geothermal. 

Major countries like the United States, Canada, Sweden, Finland, and Brazil, among others, are going the extra mile to increase their renewable energy capacity.

Governments are procuring and improving advanced technologies regularly to ensure no stone is left unturned in the renewable energy space.

India, the 4th-largest country by total renewable power capacity, is a prominent global energy force. Reportedly, India’s electricity generation from renewable energy is expected to surge up to 50-70% by 2040, a significant jump from the current renewable energy consumption of the nation. 

The green energy industry has contributed significantly to India’s climate change, environmental, and health dimensions, as well as to social and economic development.

Consequently, India has joined the United Nations in addressing rising temperatures across its major cities and reducing the global carbon footprint. 

In this blog, we have typically shed light on current trends, opportunities, and future prospects of the Indian green energy industry for our readers.    

The Evolution of Renewable Energy Sectors in India

Renewable energy as a sustainable alternative to fossil fuels has long thought of and executed by India.

India has been part of major green energy initiatives, including the United Nations Framework Convention on Climate Change (UNFCCC) in 1992 and the 2015 Paris Agreement.

Both initiatives aimed to address the alarming rise in human-caused greenhouse gases, which are driving global warming and catastrophic health impacts.

The primary mission of India, a vast country with a huge population and per capita power consumption of

1.3 MWh was to reduce carbon emissions significantly. The other major boost for India to accelerate its renewable energy hunt was the disruption of oil supply from the Middle East, leading to a global recession.

However, India has far surpassed its ambition by attaining 175 GW of renewable energy by the year 2022 and is further targeting a whopping number of 500 GW by 2030.

The energy mix is divided into 100 GW of solar, 60 GW of wind, 10 GW of bio-power, and 46 GW of hydropower.

India has a long-standing history of generating electricity from renewable energy, whether from the nuclear reactors at the Bhabha Atomic Research Centre (BARC) or from wind turbines developed by the National Aeronautical Laboratory (NAL).

The International Solar Alliance (ISA), launched in India in January 2016 by Prime Minister Narendra Modi, has further spearheaded the adoption of solar energy and made it a household name for cooking, lighting, and other uses among millions of Indians.

India has multiple ongoing and future green energy projects. For example, the National Hydrogen Mission, launched in 2013, has helped India become the world’s largest hydrogen hub.

We can draw on additional examples from the massive UJALA LED bulb campaign and the Net Zero Emissions initiative of the Indian Railways to reduce emissions by 40 million and 60 million tonnes annually.

Renewable Energy Demand in India at Present 

We can estimate the current energy demand in India from the quotes of the Union Power and Renewable Energy Minister RK Singh, “You see, my installed capacity of RE is about 190 GW, I have 103 GW under construction, that makes it 290 GW.

I have 72 GW under bids, so I am already at about 360 GW.” The Indian government has started boosting wind power initiatives in the country for continuous power supply, with a target to auction 10 GW on standalone wind projects. 

A few government schemes and policies include the Jawaharlal Nehru National Solar Mission, the Production Linked Scheme—launched to increase the manufacturing capacity of solar panels —and the Solar Park Scheme—dedicated to establishing 50 solar parks of 500 MW each.

In addition, Prime Minister Narendra Modi, along with the Ministry of New and Renewable Energy (MNRE), has launched two major initiatives.

The Pradhan Mantri Suryodaya Yojana aims to equip 10 million low- and middle-income households with rooftop solar systems.

The Pradhan Mantri KUSUM (Kisan Urja Suraksha Evan Utthaan Mahabhiyan) program focuses on introducing Indian farmers to renewable energy technology.

Considering the fact that a lot of these initiatives are in fact for the middle-class sector of the country, the words of Elizabeth May, the world-famous environmentalist, certainly struck my mind.

Effects of Renewable Energy Demand in India  

The nationwide renewable energy surge has its roots in multifaceted development projects and has stirred enthusiasm among industry leaders and MNCs.

India is all set to construct the world’s largest renewable energy project on the salt desert, the Rann of Kutch.

The project area is as large as Singapore and is expected to be clearly visible from space. The main objective of the project is to develop a self-reliant energy infrastructure that can provide electricity to over 20 million homes. 

Further, the Airports Authority of India (AAI) has proposed three contracts for the airports at Coimbatore, Raipur, and Aurangabad to procure 3.7 MW of solar power through open access for a period of ten years.

Following the contract, Coimbatore Airport has made a strategic move by installing solar panels on the parking-shade rooftops of two- and four-wheeler vehicles to meet demand.

In another green India initiative, the Silicon Valley of India, Bengaluru, was enriched by 7000+ newly planted trees as part of the B.GREEN program by B.PAC.

The program was launched to address the city’s population boom and the resulting environmental crisis.   

In 2021, the total investment in renewable energy sectors, both domestic and global, was USD 18.8 billion, with a substantial share coming from private Indian companies. 

The share price performance of the companies in question indicates bidirectional movement, as they experienced a significant rise in the Sensex. Adani Green Energy Ltd. and Reliance have witnessed a massive jump of 6000% and 350%, respectively, over a five-year period.

Thus, we can clearly state the fact that the renewable energy sector in India along with multiple other boons, has also bolstered the country’s economy.

Future Prospects of the Renewable Energy Sectors in India 

The economic boom and widespread employment opportunities across the country are two major effects of the renewable energy industry.

According to reports from the National Research Development Corporation (NRDC), India is steadily expanding its clean energy workforce and could create 3.4 million new jobs in the solar, wind, hydropower, and biomass sectors.

Another report from the Skill Council for Green Jobs (SCGJ) indicates that 111,400 people are currently employed in the wind and solar energy markets. 

Rooftop solar and utility-scale solar are the dominant technologies in the renewables industry, accounting for 77% of the market.

Moreover, the country is taking initiatives to train young professionals for all renewable energy-specific job positions, and 100,000 talents have already been trained and certified under the national-level solar energy Suryamitra training program to date.

The employment positions of solar advisor, solar consultant, solar and wind engineer, sustainable energy analyst, energy efficiency consultant, hydrologist, and environmental compliance specialist, among others, are lying in the green energy industry as hotcakes ready to be served to thousands of talented professionals. 

On the other hand, multiple renewable energy giants, such as Enverus (8 offices with 1525 employees), Horizon Robotics (401 employees), Intersect Power, Avantus, and NES Fircroft (2016 employees), are hiring experts worldwide for remote roles and are successfully operating remotely. 

This provides evidence that any renewable energy business seeking to expand without geographical constraints can collaborate with ongoing energy projects in India and hire talented candidates from across the country to work remotely.

As crucial projects in the country require substantial intelligence resources and expert project planning, remote hiring will typically facilitate mutual growth and success.              

Conclusion

Now, let us retrospect the key aspects and takeaways from it. First things first, it showed us how the renewable energy sectors have evolved over the years in India, with the energy demand graph growing exponentially.

Secondly, the Indian population is becoming more and more dependent on green energy power sources and adopting them in their daily habits and domestic use with an ample number of options available at hand.

Moreover, the goal for reduction in carbon emissions and adoption of clean energy resources has led to many government and private initiatives with multiple vast projects in the pipeline.

This has opened the window for rapid economic development with heavy domestic and foreign investments, millions of employment opportunities, and convenience for expanding and doing business in India.

Thus, the renewable energy industries have made India a lucrative market for business owners to explore, establish, and prosper.