India’s clean energy tech capacity to rise significantly by 2030, says S&P | Economy & Policy News
India’s clean energy technology capacity is projected to rise significantly by 2030, but the country is likely to miss its green energy target due to challenges like availability of technological innovation and skilled labour, a report said on Monday.
The Centre has set a target for establishing 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
Click here to connect with us on WhatsApp
According to S&P Global Commodity Insights, with government’s supportive strategies, India’s clean energy technology capacity is projected to rise significantly by 2030, aiming for full self-sufficiency in solar PV and wind by 2030.
“However, challenges such as technological innovation gaps, skilled labour shortages, inadequate infrastructure, and inconsistent policy enforcement may hinder progress toward these clean energy goals by 2030,” it said.
In support of local manufacturing, various policy measures have been introduced, including tariffs on imported goods like basic customs duties (BCD) and goods and services tax (GST), along with approved manufacturer and model lists Approved List of Models and Manufacturers (ALMM) (ALMM) and Revised List of Models & Manufacturers (RLMM).
Other measures include direct incentives, such as the PLI scheme, further promote domestic production and innovation within the sector.
These favourable policies are expected to drive substantial growth in India’s clean energy capacity by 2030, it said.
“Projections indicate that India will reach 107 GW in PV modules, 20 GW in wind nacelles, 69 GWh in battery cells, and 8 gigawatts equivalent (GWe) in electrolyzers. This growth will enable India to achieve full self-sufficiency in solar PV and wind, and over 90 per cent in battery cells, said Indra Mukherjee of S&P Global Commodity Insights.
While the manufacturing capacity is growing, India still faces obstacles in achieving its ambitious renewable energy installation targets.
In the solar PV sector, India struggles to meet its polysilicon and wafer production goals, which hampers its competitiveness.
Similarly, India’s wind turbine product mix requires alignment with global standards for export, and its nascent offshore wind sector will demand further investments.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 07 2024 | 8:42 PM IST
