75% of electricity in India is produced out of coal and the construction of 39 new coal-based power plants in the country is underway, which, leaving apart China, uses the most coal. But now, India is treading on a new path. In the Glasgow conference, PM Narendra Modi had made a number of promises to turn India into a big power in the field of green energy, which include zero emission of green-house gases by the year 2070.
Modi has further set a target of reducing gas emissions by 1 billion tonnes by 2030, and of increasing the production of energy through renewable sources like nuclear energy, hydro-power, wind and solar energy from 150 gigawatts to 500 gigawatts by the year 2030 itself. The production of green hydrogen has been announced as a national mission. A huge leap is being expected to be made in the field of green energy under the leadership of the private sector.
India is in a need of high amount of energy, and it is required to produce energy equivalent to EU by the year 2040. Following India’s focus on hydro-power during 1950s and 60s, India got dependent on coal, but now, major developments are being made as far as clean energy is concerned. During 2021, the share of renewable energy was 5% in the country’s total energy production.
In the near future, the aim of private companies is to invest more than 16 lakh crore rupees in all towards green hydrogen plants. In comparison to the last year, when a total of 24 lakh crore rupees was invested globally on wind and solar energy, 1.24 lakh crore rupees were spent in India. Many reasons are working behind this jump in green energy production. In India, the production of solar energy is the cheapest all over the world, with the government having given a number of facilities and guarantees. The PM believes that cheap energy will lead to increase in industrial production, with which, it will become easy to bring in China’s manufacturing to India.
Founder of Adani Group, Gautam Adani has claimed that by 2030, his company will spend 5.79 lakh crores on green energy, Mukesh Ambani’s Reliance group aims at spending more than 6 lakh crore rupees for the same, and is developing a green energy group in Jamnagar.