The presence of India on the world stage has become harder and harder to ignore over the past few decades. With one of the fastest growing economies in the world, some feel that people think too much of China as the up-and-coming global power but should instead be focusing on India. When it comes to energy production, this is no exception. In the realm of renewable energy, India is rapidly becoming a world leader.
India’s energy production is projected to double in the period between 2015 and 2030, and the International Renewable Energy Agency (IRENA) predicts that around 25 % of the country’s total energy output will be composed of different forms of renewable energy. According to their study, solar will lead the way, but hydro and wind, as well as biofuels, will also be part of this percentage.
The world’s largest democracy is taking steps to turn this bright future into reality even now; for instance, the country was ahead of schedule in 2017, exceeding their wind energy goal by 1.5 gigawatts. India has much incentive to do all this: the investment in infrastructure is expected to pay for itself twelve times over by 2030. Beyond that is the prospect of job creation, as the IRENA study showed that around 1,000,000 solar careers, as well as 180,000 jobs in wind energy, could be created in a mere five years.
The country is uniquely suited to experimenting in this way, with its large population and unparalleled abundance of renewable energy sources. IRENA predicts that, by 2030, India will be one the top players in renewable energy, constituting the fourth largest market for renewable energy on the planet. This unfolding progress will be of major interest to those interested in the industry over the next decade.