India will see solar revolution by 2030, says IEA

According to the International Energy Agency (IEA), solar energy will generate 18% of India’s electricity by 2030, up from its current 6% share.

According to the IEA’s latest World Energy Outlook 2023, which was released on Tuesday, the remarkable growth of clean energy technologies like solar, wind, electric vehicles, and heat pumps will cause renewables to supply half of the world’s electricity by 2030.

According to the analysis, there will be approximately ten times as many electric cars on the road, which paints a favourable picture of the future of global energy consumption.

It did, however, issue a warning that emissions were still too high to stop temperatures from exceeding an important cutoff point of 1.5 degrees Celsius.

In India, the report mentioned, “Eighteen per cent of the electricity generated in India will be from solar sources by 2030, up from six per cent today.”

India has set a goal of installing 500 GW of non-fossil fuel capacity by 2030, with about 270 GW of solar power. The centre reported in August that the capacity of solar energy generation had already topped 70,000 Megawatts.

A number of countries’ initiatives that support the diversification of supply chains for clean energy technology were highlighted in the research.

“This includes policies to promote clean energy technology manufacturing, for instance, the Inflation Reduction Act in the United States, the Net Zero Industry Act in the European Union and the Production Linked Incentives scheme in India,” the report stated.

The paper also mentioned that India, rather than Southeast Asia or Africa, is the region with the biggest projected increase in global energy consumption in the Stated Policies Scenario (STEPS).

“Finding and financing low-emissions ways to meet rising energy demand in these economies is a vital determinant of the speed at which global fossil fuel use eventually falls,” the report suggested.

(With agency inputs)