India Invest Heavily into Renewable Energy

India is on track to meet the commitment it made as part of the Paris Agreement. Moody’s issued this report, based on its global credit detective agency. The Indian government has embarked on many large scale renewable energy projects that are predicted to enable the world’s second-most populous country to surpass its commitment to cut carbon emissions.

The Indian government has lagged behind other countries in transitioning to renewable energy generation, but recently India’s government shows a sign that is releasing its goal of transitioning away from its coal industry.

In the wake of IEA’s International Energy Investment report, the investments for renewables were nearly double the amount for fossil fuels last year for the third year in a row.

The International Energy Agency claims that it is motivated by an ambitious policy and the decline in costs of installing solar energy on a website. In 2015, India needed to bring 175 GW of renewable energy online by 2022. As of today, it has achieved 77 GW and signed a further 60 GW for additional construction.

Renewable sources of energy will continue to wind up being the dominant source of energy, even in light of coal’s prominence in years past.

India had the second-largest jump after the United States in energy investment in 2018. At the end of 2018, the share of renewable energy sources in Indian electricity-generating capacity was 22%, while the share of all non-fossil fuel technologies was 36%.

“Energy investments now face unprecedented uncertainties, with shifts in markets, policies and technologies. But the bottom line is that the world is not investing enough in traditional elements of supply to maintain today’s consumption patterns, nor is it investing enough in cleaner energy technologies to change course. Whichever way you look, we are storing up risks for the future”, said Dr Fatih Birol, Executive Director of the IEA.

In addition to more aggressive clean-energy policies and gradually declining prices of solar panels in recent years, the growth of utility-scale solar has led to the building of large projects across the country. The International Energy Agency published a new report on worldwide energy investment, citing the recent growth.

The Indian achievement is a notable one for all parts of the world. After all, it’s the largest contributor to greenhouse gases, after the U.S. and China. Renewable energy has outperformed everyday fossil fuel investments for three successive years, which the coal industry is continuing to grow, and the particular Indians use more of electricity annually.

References: inhabitat.com
climateaction.org
insideclimatenews.org
cleantechnica.com