India’s Green Energy Overarch

As India firmly establishes its climate credentials, 2025 will actually define the nuts-and-bolts of our domestic carbon strategy.

December 18, 2024. By News Bureau

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articles

Energy transition

Kundan Green Energy

Green Energy Overarch

G20 Summit

Investment

Clean Energy

Renewable energy tenders

Green Credit Programme

Green energy

Udit Garg

Following the successful hosting of the G20 Summit in 2023, India has emerged as an attractive destination for energy transition related investments. The year 2024 has strengthened this proposition. During the current calendar year India continued to push harder on implementation strategy on energy transition while balancing position on energy security and affordability.

In 2024 we saw an advancement of clean energy transitions even as reliance on coal continued to remain high. We also saw a softening of power market prices and an overall positive sentiment. Renewables stay strong and will gain ground further. The year saw impressive renewable energy capacity addition.

In solar power the falling module costs and tender backlogs played a role in record capacity addition outlook. An interesting aspect is that hybrid renewable energy tenders have gained prominence and should rise further. Stand-alone storage (technology agnostic) are expected to grow as the need for balancing variable generation and grid management will rise with higher penetration of green energy.

As India firmly establishes its climate credentials, 2025 will actually define the nuts-and-bolts of our domestic carbon strategy. Last year the country passed the Carbon Credit Trading Scheme (CCTS). I hope it will see activation in 2025. This is a scheme with two components – voluntary and compliance. The voluntary segment is essential for progressing renewable energy sectors including green hydrogen which has emerged as another key vector.

Another aspect I see with interest is the notification of Green Credit Programme (GCP). It is based on Mission Lifestyle for Environment (LiFE). In this sphere, India has set in place an intricate framework of multiple inter-connected mitigation and environmental conservation cap-and-trade schemes. I expect scope, modalities and operations of this vital ecosystem to also crystalize in 2025. As I see it, India’s climate action agenda will remain a core focus for investors and supply-chain partnerships, both Indian and foreign. 2025 should, therefore, see significant traction on the green energy agenda’s overarching and granular growth.

- Udit Garg, Managing Director & CEO, Kundan Green Energy