Source: Mikhail Nilov (Pexels)
How much India can save in clean energy shift
The market plans to add 76GW of solar and wind power by 2025.
India can save up to US$19.5b annually if it pushes through with its plans to add a total of 76 gigawatts of solar and wind power capacity, the Global Energy Monitor reported.
In a report, GEM noted that the planned additional capacity could avoid the use of almost 78 million tonnes of coal per year. This is equivalent to about 32GW in coal power plant capacity.
The additional 76GW could cost India about US$51b, which the country could offset in just two and a half years with its nearly US$20b annual savings.
Read more: Why India is a key investment destination for renewables
“Save money, slash emissions – India’s switch from coal to clean power is a win-win. A promising step towards meeting the country’s net zero emissions target by 2070, India will be richer and cleaner by quitting coal,” Shradhey Prasad, Project Manager for the Global Wind Power Tracker, said.
“Costs for solar and wind power continue to plummet, and compared to volatile fossil fuel prices, renewables present a far better option for building new energy infrastructure.”
India’s savings could go up to US$368b, if it reaches its 420GW wind and solar capacity targets by 2030.
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