India aims to become a hub for cutting-edge solar manufacturing
Covid-19 pandemic has had an enormous impact on the global economy. As governments set out for economic revival, their recovery plans must be geared towards greening the infrastructure.
After the 2008-09 financial crisis, green measures accounted for around 16% of the total stimulus measures globally. Governments have to be even more ambitious and decisive towards clean investments to recover from the Covid-19 impact and to battle the impending threat of global warming. International co-operation and leveraging each other’s strength is crucial in these times of distress.
With a growing and gargantuan appetite for energy, India has a unique role to play in building back a better world.
Solar deployment has been the flagship green growth story of the last decade, and this would be instrumental in stimulating growth and building a climate-resilient world. India has the third-largest solar capacity installed globally and has set an ambitious renewable energy target of ‘450 GW by 2030,’ including 300 GW from solar.
Solar PV is expected to expand globally from the current annual capacity of 100 GW to 3,000 GW by 2030.
In many ways, stakeholders who make the right set of decisions now will drive this revolution and create value beyond the company level in terms of ensuring energy security and independence from supply-chain disruptions because of concentrated value chains.