To slow climate change, India joins the renewable energy revolution.
An energy pricing revolution Prime Minister Modi’s renewable energy agenda aims to increase India’s grid-tied renewable energy capacity from roughly 57 gigawatts in May 2017 to 175GW in 2022, with most of the increase coming through a major expansion in solar.
It is expected to jump by more than 100GW over the next six years, and increase further to 175GW before 2030.
Coal currently provides nearly 60 percent of India’s of total installed electricity generating capacity of 330GW, but the government projects it will decline substantially as solar power ramps up.
For the moment, large-scale solar and wind are roughly similar in price and lower than nuclear and fossil fuels.
Indeed, where emerging economies are installing new power generation capacity, the economic argument in favor of renewables is strong and getting stronger.
It saves them foreign exchange by substituting solar energy for imports of oil, gas and coal.
Three key conditions Three conditions are critical for this structural shift to continue in India and globally: growth in energy demand, innovation to make electricity grids more reliable and adequate land for installing solar modules.
Broader adoption of renewable power production in emerging economies is not the only solution to climate change challenges.
Countries such as India, China, France and ISA members are demonstrating that a failure of U.S. leadership need not stand in the way of a renewables revolution.