India is in clean energy transition
India is actually a red-hot investment opportunity for its clean energy transition, the Special Presidential Envoy for Climate, John Kerry said as he praised the Prime Minister for his commitment to addressing the challenge posed by climate change which the Biden Administration believes poses an existential threat to humanity.
- Prime Minister announcement of a target of 450 gigawatts of renewables by 2030 is a strong, terrific example of how to power a growing economy with clean energy, and it’s going to be one of the most important contributions because India today is already the third largest emitter in the world behind the United States and China.
- Referring to a latest report of the International Energy Agency, he said India’s down payment on the clean energy transition puts it on pace to become the global market leader in solar and storage by 2040.
What International Energy report said?
- The share of solar energy in India's power generation could equal coal-fired output by 2040, driven by falling renewable tariffs and government push to increase green energy use.
- Solar power is set for explosive growth in India, matching coal's share in the Indian power generation mix within two decades.
- Coal currently dominates India's electricity sector, accounting for over 70% of overall generation with only about 4% produced through solar. India was on track to exceed its commitments as a part of the 2015 Paris agreement.
- India has the potential to become a world leader in battery storage, the country could add 140-200 GW capacity of battery by 2040.
- India is the world's second largest coal market and holds the world's fifth largest coal reserves.
- The nation's coal demand is estimated to rise by over nearly a third by 2040, with share of imports shrinking to below 30%.
- The IEA also warned that hundreds of thousands more could die every year due to higher exposure to air pollution, with the number of annual deaths potentially increasing by 200,000 from current levels to 1.4 million a year in 2040.