Green Revolution - Transition to Renewable Energy

Sustainable and green sources of energy and power have been the focus of countries worldwide to combat climate change. Western developed nations in Europe and North America have gradually shifted from procuring power from coal, petroleum, or other non-renewable energy sources. Many European countries, including France and Germany, have built nuclear power plants, while Denmark and Scandinavian countries use wind and solar for most of their energy. Soon to be the most populous country in the world, India has a responsibility to also shift from the non-renewable paradigm to a more sustainable and greener one as the latter is more sustainable and environmentally progressive.

India has set an ambitious target to procure fifty percent of its total energy from renewable energy sources by the year 2030 at the 2022 UNFCC climate change summit COP 27 held in Egypt. This is in addition to an already pledged 450 GW of power generation through renewable sources by 2030. That includes 175 GW from solar, 60 GW from bio-energy, and 5 GW from hydropower. In the recent 2023 budget, the government allocated ₹10,200 crores towards the new renewable energy ministry (MNRE). This will pave the way for subsidies for rooftop solar panels for individual consumers and solar farm companies to generate their own power. Policies like Suryashakti grid yojna help farmers build solar farms on their land and profit by selling the excess power back to the local grid. The government is also enticing private sector power companies by providing tax incentives to adopt more renewable sources for their energy generation and develop more sustainable infrastructure. Some of these companies are taking active steps to stop their reliance on non-renewable sources and adopt green energy.

Another alternate fuel that will play an important role in the reduction and decarbonization of our economy is green hydrogen. The National Green Hydrogen Mission is created to provide a comprehensive action plan for establishing the Green Hydrogen ecosystem. This efficient and greener fuel can then be used in multiple sectors like transportation, auto, manufacturing, and many more. India is targeting around 1 million tonnes of Green Hydrogen production annually by the year 2030.

Tata Power is one of the country’s leading renewable energy producers, with a leading presence in the solar and wind energy sectors. The company has already installed more than 1500 megawatts of renewable energy sources and plans to produce 80% of its total capacity through clean energy. Its main focus is on consumer solar markets, which account for 3.2 gigawatts of energy in the financial year 2023. The company has also heavily invested in the wind energy sector.

NTPC(National Thermal Power Corporation), the country’s leading energy provider, is quickly diverting from traditional coal and towards cleaner and more efficient forms of energy. The company already has thirteen renewable energy-based power stations around the country and planning to increase that number in the coming years. The company has stated that it will halt any expansion of its coal capacity and develop 10 GW of solar energy capacity by the end of 2022.

Adani Green Energy has also taken many steps to increase its renewable energy capacity in the coming years. Along with wind and solar energy, the company is also investing in hydrogen as an alternate fuel source. It has collaborated with transportation giant Ashok Leyland and Canadian power company Ballard Power to produce Hydrogen fuel cells and hydrogen ICEs (Internal combustion engines). The company has also planned to set up plants around the country to produce hydrogen as a fuel source for their vehicles.

Other companies like ReNew Power, Torrent Power, Hero Future Energies, Greenko Energy Holdings, etc., are investing in the infrastructure to produce energy from renewable sources like wind, hydro, and solar. The energy produced can be used commercially by industries or sent directly to consumers.

By investing in these renewable energy sources, these companies are securing their futures and playing a key role in the country’s transition towards green and sustainable energy.