India’s need of the hour at this stage is to deal with energy security concerns to support the stagnant economy. Üresently, there are limited foreign investments due to the unsupportive market ground reality.
Today only about 16 percent of energy consumption comes from renewable sources of energy. Oil and coal are still the leading sources of energy followed by natural gas and nuclear. While recently the trend has been to increase energy production from nuclear, that too has had hazardous effects and the future seems to be more dependent on renewable sources of energy. There are currently numerous policies and subsidies being shelled out to deal with energy and climate change issues.
The global appetite for energy shows no signs of becoming satiated; carbon dioxide emissions continue to surge, and the political repercussions born from energy insecurities are bound to increase as well. Now more than ever a shift towards cleaner, more reliable energy needs to occur. Most developed economies seem to be trying to move from nuclear to other much cleaner and safer sources of energy however developing countries like India are still predominantly dependent on fossil fuels.
Electricity generation in India is 67.20 percent derived from fossil fuels and 13 percent from nuclear while among other sources Hydraulic leads with 16.30 percent. However other renewable sources like wind, solar, biomass and geo thermal collectively account for 3.5 percent.
While in a developing country, like India, demand for energy is higher than the production of energy and the demand is ever-growing (supply and demand economics), India has been trying to increase its reliance on cleaner infinite sources of energy.The concept of renewable energy is showing great potential and, if implemented properly, it can contribute significantly to the sustainable growth of a country without curbing its economic aspirations.
Below are some of the positive teps already being taken on the renewable energy front:
- India’s national solar mission in India is working on increasing the capacity of solar energy production ten fold to about 20,000 MW by 2022. Gujarat has been a leader in solar power generation and contributes 2/3rd of the 900 MW of photovoltaic-sourced power in the country. The State has commissioned Asia’s biggest solar park at Charanka village. The park is already generating 214 MW solar powers out of its total planned capacity of 500 MW.
- India is the fifth largest wind power producer with 8896 MW of generation capacity. The short gestation periods for installing wind turbines, and the increasing reliability and performance of wind energy machines has made wind power a favoured choice for capacity addition in India.
- India has a rich source of bio mass with a potential of generating up to 24,000 MW. Owing to a huge potential India has been attracting investments to generate more electricity.
- India still hasn’t developed a lot in the Geothermal energy sector and its commercial use is pretty insignificant. India plans to set up its first geo thermal plant with a 2-3 MW capacity in Jammu and Kashmir.
As the local energy demand grows, a systematic growth in its energy generation and dependence on clean renewable sources of energy is crucial.