What is Renewable Energy?
Renewable energy is obtained from natural resources which can regenerate within short period without exhausting the planet’s reserves. These sources of energy include solar energy, wing energy, geothermal energy and hydroelectric power. Renewable energy, is often referred to as the clean energy.
Switching to the Renewable Energy is the need of the hour
The way we produce and consume electricity not only impacts our environment but also influences the economy of a nation. Therefore, switching from fossil fuels to renewable energy is crucial.
The production and use of renewable energy are rising, and almost 30% of the electricity consumed on the planet comes from renewable energies. The global renewable energy market is expected to continue its upward growth over the next years, reaching 1.1 trillion U.S. dollars by 2027.
India leveraging the renewable energy industry
India is trying to reduce its dependency on fossil fuels and trying to reach a net-zero economy by 2070. India ranks 3rd in renewable energy country attractive index in 2021 and is also the 3rd largest energy consuming country in the world. India produces 38 percent of renewable energy and it has significantly progressed to implement policies on renewable energy. Indian government plans to install 175 gigawatts (GW) of renewable energy projects by 2022 and 500 GW by 2030. This is the world’s largest expansion plan in renewable energy.
Addressing the G7 Summit, India’s Prime Minister, Narendra Modi said, “We have achieved the target of 40% energy-capacity from non-fossil sources nine years before time. The target of 10% ethanol-blending in petrol has been achieved five months before time. India has the world’s first fully solar power operated airport. India’s huge railway system will become net zero in this decade”.
Facts and Figures – INDIA
India was the second largest market in Asia for new solar PV capacity and third globally (13 GW of additions in 2021). It ranked fourth for total installations (60.4 GW), overtaking Germany (59.2 GW) for the first time.
4th largest installed capacity of renewable energy in the world
4th largest installed capacity of wind power in the world
Fifth-largest solar installed capacity in the world
India ranked third globally for total renewable power capacity additions with 15.4 GW in 2021, following China (136 GW) and the US (43 GW).
Source : https://www.investindia.gov.in/
Investment in renewable energy in India reached a record US$14.5 billion in the last financial year (FY2021-22), an increase of 125% compared to FY2020-21 and 72% over pre-pandemic FY2019-20, finds a new report by the Institute for Energy Economics and Financial Analysis (IEEFA).
THE GLOBAL SCENARIO – World Leaders in using renewable energy
Iceland and Norway generate all of their electricity using renewable energy resources.
Top five countries with the highest wind energy capacity in 2020
1. China – 288.32 GW
2. United States – 122.32 GW
3. Germany – 62.85 GW
4. India – 38.63 GW
5. Spain – 27.24 GW
Global per capita fossil fuel consumption by select country 2020
- Trinidad & Tobago
- Saudi Arabia
Qatar has the highest per capita fossil fuel consumption in the world. In 2020, residents in Qatar used up nearly 165,000 kilowatt-hours worth of fossil energy. This was some 3,000 kilowatt-hours more than the fossil fuel energy consumed by the average resident of Singapore, which ranked second. Qatar is one of the largest natural gas producers in the world and also among the leading exporters of liquefied natural gas.
Countries most reliant on fossil fuels
With 98 per cent reliance on fossil fuels, Singapore comes out as the worst in the world.
Singapore is closely followed by Australia, with 93 per cent reliance, and then South Africa with 91 per cent.
Luxembourg and the Netherlands take fourth and fifth spot with a joint 90 per cent fossil fuel dependence.
Indian Renewable Energy sector on a growth spree
- Proposed solar cities and parks – 1 solar city per state-approved and 45 solar parks of 37 GW across the nation have been approved
- New areas of opportunities – Wind – Solar Hybrid, Off-shore Wind Energy, Floating PV Projects, Green Hydrogen
- The world’s largest renewable energy park of 30 GW capacity solar-wind hybrid project is under installation in Gujarat
- India offers a great opportunity for investments in RE sector; $ 196.98 bn worth of projects underway in India
Leading Indian companies in Renewable Energy
1. Tata Power Solar Ltd – The largest integrated solar power company in India
2. Suzlon – One of India’s leading company designing, developing and manufactures wind turbine generators.
3. ReNew Power – ReNew Power Ventures is an independent power produce, generating non-conventional energy through solar and wind power.
4. Adani New Industries Ltd – A pioneer in energy transition and clean energy adoption, Adani has invested USD 50 bn in green hydrogen and have entered into a new partnership with TotalEnergies of France, to jointly create the world’s largest green hydrogen ecosystem.
5. Sterling and Wilson is a leading end-to-end solar EPC solutions providers globally.
6. Inox Wind is one of the leading manufacturers of wind turbine generators in India.
7. Borosil Renewables is India’s only solar glass manufacturer.