Tripling Global Renewable Energy: How India Can be a Major Player in it

The International Energy Agency predicts that renewables will account for over 90 percent of global electricity capacity expansion between 2022 and 2027, driven primarily by China, the EU, the US, and India, who are implementing existing policies and regulatory reforms in response to the energy crisis.

December 26, 2023. By News Bureau

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At the COP 28 climate summit, 118 countries pledged to triple the world's green energy capacity to 11,000 GW by 2030, reducing reliance on fossil fuels. They also committed to double the global average annual rate of energy efficiency improvements from 2 percent to over 4 percent until 2030. This pledge aims to limit global average temperature below 2 degree Celsius since pre-industrial times, or the 1.5 degree Celsius of the 2015 Paris Agreement.

The pledge, though not legally binding or part of the official COP 28 calendar, signifies world leaders' desire to be more active in reducing global emissions, particularly in the area of tripling renewable energy, which is also on the agenda. The International Energy Agency (IEA) predicts that renewables will account for over 90 percent of global electricity capacity expansion between 2022 and 2027, driven primarily by China, the EU, the US, and India, who are implementing existing policies and regulatory reforms in response to the energy crisis.

Notably, the pact to triple the renewable energy capacity can be a win-win situation for India. India's solar cell and module manufacturing is gaining momentum, with the world seeking alternate sources for solar module purchases. With a manufacturing capacity of 15 GW, India already exports significant volumes of solar modules and wind turbine components. The global goal to triple renewable energy capacity could further boost manufacturing in India.

Report suggests that India needs USD 293 billion to triple its renewable energy installed capacity by 2030, equivalent to INR 24 lakh crore. However, this is not enough to achieve a net-zero pathway, as the International Energy Agency (IEA) requires India to do more than just tripling its renewable capacity to achieve net-zero scenarios.

However, India has rejected the COP's pledge to triple renewable energy capacity while reducing fossil fuel use. India, which changed the text at COP 26 from ‘phase out’ to ‘phase down’ of unabated fossil fuels, argues that India has no option but to use coal, as the West burns oil and gas for energy security. But, India needs to increase its renewable installed capacity to 570 GW by 2030 to meet the IEA global net zero pathways, requiring an additional USD 101 billion in financing, beyond the tripling funds.

COP 28 also saw 22 countries sign a declaration to triple nuclear energy capacity, including small modular reactors, which India is keen on. These technologies could occupy a small land footprint, partner well with renewable energy sources, and have additional flexibilities that support decarbonisation beyond the power sector, including hard-to-abate industrial sectors. The declaration includes the United States, Bulgaria, Canada, Czech Republic, Finland, France, Ghana, Hungary, Japan, Republic of Korea, Moldova, Mongolia, Morocco, Netherlands, Poland, Romania, Slovakia, Slovenia, Sweden, Ukraine, the United Arab Emirates, and the United Kingdom.

In a nutshell, the EU, the US, the UAE, Brazil, Nigeria, Australia, Japan, Canada, Chile, and Barbados have pledged to phase down coal and end investment in new coal-fired power plants. India and China have remained away from the initiative. In September 2023, India supported a G20 commitment to triple global renewable energy capacity by 2030, a strong declaration. The outcome of discussions at COP 28 is now a focus.

- Jai Mohanka

Author Bio: The author is a budding change-maker in the field of renewable energy. He established himself as a child prodigy, bagging two design registrations (intellectual property) from the Patents Office of India for innovations in solar modules and machines.