India is predicted to be the world’s third largest economy by 2030. Actually, coal, gasoline, and biomass are used to produce over 80% of the country’s electricity. According to the International Energy Agency, the country now requires a vast expansion of renewable energy to power its development. A fruitful movement to turn to effective LED lighting in most homes has resulted in progress.
India’s economy is the world’s sixth largest. It is expected to have risen to third place by 2030. However, according to a recent estimate, unless there is a renewable energy transition, India will also become a big source of global CO2 emissions.
India, now the world’s third largest CO2 producer, accounted for 7% of the global total in 2018. Despite having lower emissions than China (28 percent of global emissions) and the United States (15 percent), it is also heavily dependent on coal to produce electricity.
According to a recent International Energy Agency survey, coal, oil, and biomass account for more than 80% of its electricity generation (IEA). Since 2000, energy consumption has more than doubled, and electricity generation now accounts for more than half of the country’s CO2 emissions. According to the IEA, India’s energy demand will outpace that of any other country until at least 2040.
India’s energy demand is being driven by factors other than economic growth. According to the IEA, the nation will add 270 million inhabitants over the next 20 years. The demand for carbon-intensive industries such as cement and steel will rise as the world’s population increases.
Solar energy reportedly accounts for just 4% of India’s total power supply. According to the IEA, India will need to invest $1.4 trillion over the next 20 years to ensure the sustainability of its energy supplies, which is 70% higher than is currently offered in government policy planning.
Domestic oil and gas supplies will be unable to keep up with rising demand, according to the survey, and price and market uncertainty will pose problems for India unless it transitions to a green energy future.
Significant infrastructure and machinery investments would be needed to help India’s rapid economic development, according to the IEA, and these investments must be sustainable; otherwise, new equipment could account for 60 percent of total emissions by the late 2030s.
Despite the hurdles, India’s accomplishments to date have been remarkable, according to the IEA, citing a fruitful drive to encourage most households to use highly effective LED lighting.
Despite the rise of green energies, many households continue to face inadequate power sources, and over 600 million people continue to cook with firewood. According to the IEA, stable power supplies are also critical to reducing India’s endemic levels of air pollution.
According to the survey, India would soon become the world’s most populated area, adding the equivalent of a city the size of Los Angeles to its urban population each year. In order to accommodate the rise in energy demand over the next 20 years, India will need to build a power grid the scale of the European Union to what it already has.
According to the report, India will emerge as a pioneer in clean energy technologies, with one in every seven dollars invested globally on solar PV, wind turbines, and lithium-ion battery storage going to Indian companies by 2040.
India, which was ranked 74th out of 115 nations surveyed in the World Economic Forum’s Energy Transition Index 2020, was picked out as one of only 11 nations to have made consistent and observable progress on their energy transition over the past six years.