Despite, India facing challenges on the cost and supply chain front, IEA has forecasted that the country will entail a significant capacity growth in the current year. According to IEA, India’s new renewable energy capacity is expected to rise to 290 GW in 2021. This will be an all-time high for new installations for the country. India strives to reach 500 GW of renewable power capacity by 2030 and has demonstrated a strong growth rate even in the past. The NHPC has recently announced plans to launch clean energy projects of 27GW in nine Indian states of Uttar Pradesh, Bihar, Odisha, Rajasthan, Tamil Nadu, Kerala, Maharashtra, Andhra Pradesh, and Odisha, as well as Nepal. The company has readily committed over Rs.10,000 crore for these projects.
The country has also committed to an ambitious target of achieving ~50% overall electrification and 30% market penetration in the passenger cars segment by 2030. The Indian EV market is touted to become a multibillion-dollar opportunity in the near future offering the largest untapped market in the world. With the electrification of the auto industry, India estimates to reduce its crude oil usage by a whopping 156 million tonnes and also curb its carbon footprint. As per global forecasts, EVs will begin outselling their fossil fuel cars by 2040. India is currently focusing on aggressive foreign investments, new manufacturing hubs, and improving charging infrastructure to achieve its goal.
Also, read about the 7 Ways You Can Fight Against Climate Change.
