NEW DELHI: India needs strategic investments of over $300 billion to achieve its clean energy capacity target of 500GW by 2030, according to a new Arthur D. Little study. With 165GW generation capacity already in place, India is on the right trajectory to meet its goal of having 50% of energy needs through the renewable portfolio, says the new Arthur D. Little (ADL) study titled ‘Powering India’s Energy Vision 2030.’
According to the study, in order to accelerate India’s power sector growth, private players and governments must synchronise with each other in implementing a holistic transformation. Increased adoption of green energy—particularly green hydrogen with efficient storage solutions, leveraging technologies such as carbon capture, smart meters, smart grids with robust data management systems, and enabling efficient price discovery via power exchanges will shape the future of India’s power sector.
To achieve surplus generation, the research proposes a multifaceted approach involving financial support from the government, policy reforms, judicial reforms and technology integration at the Central, State, and Local levels while targeting the entire value chain.
“India is at the cusp of attaining self-sufficiency in electricity generation and establishing itself as a reliable energy exporter at the global level. Since the power sector is at the heart of India’s economic, political and technological growth, every small step towards improving it would propel the country’s leap towards the $10 trillion economy goal,” stated Barnik Chitran Maitra, Managing Partner, Arthur D. Little, India & South Asia.
The impetus indigenous PV cell production, transition to smart grid and increased private participation in distribution are key to unravelling India’s true potential in the power sector.
As per the study, India’s electricity consumption is expected to grow at an annual rate of 5.4% over the next decade, with annual demand touching 2300 BUs by 2030. However, at the current pace, generation will just reach only 2024 BUs by 2030, highlighting the need for reforms in capacity addition.
Read more at: https://economictimes.indiatimes.com/small-biz/sme-sector/india-needs-300-billion-investments-by-2030-to-meet-500gw-target/articleshow/95352768.cms