India has set itself two ambitious targets for 2030: a $7 trillion economy and for 50% of their electricity to come from renewable sources. By 2070, the country wants net-zero emissions. But why such extreme goals, and what does it mean for the country going forward?
India’s shift towards renewable energy
With the rapidly growing GDP of India combined with its targeted wealth by 2030, the country is facing a surge in energy demands to achieve and sustain its growth. India’s GDP is set to average 6.5-7% growth per fiscal year going forward, and with this comes a greater focus towards renewable energy sources.
RTC-RE will meet energy demands whilst also fulfilling India’s targets for renewable energy sources, through 500 GW of installed capacity, kickstarting India’s transition towards eco-friendly energy. The adjustment period will be difficult, however, with commercial and industrial consumers (36% of India’s energy demands) still relying on thermal energy and struggling to meet power demands through renewable sources alone.
What’s next?
The future is bright for India, with these ambitious leaps towards a clean-powered, wealthy superpower also setting an example for other nations. The UK government’s pledge to achieve net-zero emissions by 2050 through heat pumps is another example.
The UK government is promoting heat pump grants across the nation, with widely available air source heat pumps Cheltenham and the South especially. More information on this topic is available online, through services such as GSM.
Standalone renewable projects in India will also continue to be awarded through auctions, whilst mandating RTC-RE to meet certain energy demands can pave the way for further eco-friendly growth by attracting investors.
Competitive bidding for RTC-RE projects is also being encouraged, incentivising more investors to transition towards clean energy. Along with the prioritisation of research and development initiatives within these fields, India hopes to lead the way as an eventual net-zero emission economy.