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Renewable Energy in India: Understanding Key Drivers
Metis Business Solutions PVT, April 2011, Pages: 12
Traditionally India's power sector has been mainly dependent on coal as a fuel for power generation. However with the strong focus globally on alignment of energy needs in line with climate change and the depleting coal reserves, the country has increased its share of renewable energy based sources over the years.
For GDP annual growth of 8%, the Planning Commission estimates that the commercial energy supply would have to increase at the very least by three to four times by 2031–2032 and the electricity generation capacity by five to six times over 2003–2004 levels. In 2031–2032, India will require approximately 1,500–2,300 million tonnes of oil equivalent (MTOE) to cover its total commercial energy needs. The Indian government by itself does not have sufficient financial resources to solve the problem of energy shortages. It must rely on co-operation with the private sector to meet future energy requirements. This opens up interesting market opportunities for international companies.
India currently stands fifth in terms of existing renewable power capacity with China leading the league.
The main reasons which have brought a focus on the growth of renewable energy capacity in the country are given below:
- Deficient Power Situation of India
- Increased focus on Energy Security
- Kyoto Protocol
- Economic Viability
- Rural India Development and Electrification
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