In order to accelerate the global transition to clean energy, it is important to systematically identify the risks associated with RE deployment and address these risks through a combination of policy and market-based interventions.
India’s firm commitment towards the global clean energy transition is evident from its renewable energy (RE) deployment targets as well as the policy measures taken to facilitate RE deployment and its integration at higher shares.
Total investment requirements to meet India’s 100 GW solar target, including the costs of project, metering infrastructure and gas-based back up, would range between USD 120 billion and USD 147 billion. However, the current trajectory of solar PV investment in India is significantly short of the mammoth annual investment required.
India’s goal to dramatically expand solar energy could trigger a green jobs boom adding one million new engineers, technicians, solar installers, maintenance workers and performance data monitors to its workforce, according to a new report released in connection with a “Make in India” conference in Mumbai.
Power from solar energy contributed only 0.41% of overall power demand in India in 2013-14. A cumulative installed capacity (CIC) of 100 GW of solar power by 2021-22 would help scale up India’s solar capacity to 9% of total power demand.
