Over the last decade or so, terms like sustainability, decarbonisation, and reducing Greenhouse gas emissions have gained momentum. While discussions on these issues have begun much before that, the seriousness of these issues has increased in the last few years because of large-scale environmental degradation, pollution, and increasing carbon footprint by industries.
One of the main culprits of this destruction is rapid urbanization and industrialization which has led to degradation of the ecology across the country, impacting the environment, and exposing Indian citizens to several health problems including cancer.
Fossil fuels, the most widely used across the world, are possibly the largest perpetrators of environmental degradation, primarily through their release of greenhouse gases, air, and water pollutants.
There is widespread recognition that the need of the hour is to shift to cleaner fuels to not only save the environment but also improve the quality of life of our present and future generations. The answer lies in renewable energy which is expected to become the dominant source of electricity globally by 2030, with solar photovoltaic (PV) technology taking the pole position, followed by wind power.
Today, solar, wind, and hydro are not just environmentally ethical choices, they are economically strategic. They are symbols of a greener future and the backbone of financial opportunity.
Renewables are also the most affordable source of electricity. In the last 10 years or so, the cost of clean energy has dropped significantly. Renewables spell good fortune for investors as well. Research indicates that the Energy Return on Investment (EROI), a measure of returns on money invested in energy, for renewable energy, particularly wind and solar, is far higher than fossil fuels and is increasing at a healthy rate while that of fossil fuels has been declining as reserves are depleting, requiring more energy-intensive extraction methods.
The Indian government launched the National Solar Mission (NSM) in 2010, to promote solar energy development and deployment through various schemes like solar parks, rooftop solar, and off-grid applications. The initial target of 20 GW by 2022 was significantly increased to 100 GW.
It also announced the National Wind-Solar Hybrid Policy, to encourage the development of projects that combine wind and solar power generation to improve grid stability and capacity utilization. At the same time, the government also launched the National Green Hydrogen Mission in January 2023, with an outlay of Rs.19,744 crore, to make India a global hub for the production, utilization, and export of green hydrogen and its derivatives.
Production-linked incentive (PLI) schemes for solar PV modules and other renewable energy components encourage domestic manufacturing and are also there to encourage the private sector to get seriously involved in this effort.
Of course, there are challenges in this path, particularly from grid integration, intermittency, financing, and policy implementation. But both the government and the private sector have shown commitment towards this pressing issue. The light at the end of the tunnel is visible, and the path is well-illuminated. It is a matter of time before we become the flag bearer for the rest of the world.
