According to research by the Lawrence Berkeley National Laboratory of the US Department of Energy, India can attain energy independence by 2047, when it commemorates 100 years of independence.
Also, according to the “Pathways to Atmanirbhar Bharat” research, India’s energy infrastructure will require $3 trillion in investments over the coming decades, according to the PTI news agency.
According to a statement released by the Department of Energy and cited by PTI, “India’s energy infrastructure requires a USD3 trillion investment in the coming decades, and our study finds that prioritising new energy assets that are cost-effective and clean is crucial for long-term financial sustainability,” Berkeley Lab staff scientist and co-author Amol Phadke.
This has a positing impact on India’s economy, environment, and energy use, including savings to consumers of $2.5 trillion through 2047, a 90% decrease in the country’s annual spending on fossil fuel imports, or $240 billion, an increase in India’s industrial competitiveness on a global scale, and the ability to fulfil its zero-net commitment sooner than anticipated, the report concluded.
India is the third-largest electricity user and the third-largest producer of renewable energy globally. Of the 400 GW of built energy capacity, 160 GW will come from renewable sources by 2022.
India’s renewable energy capacity was 150 GW in November 2021, made up of solar (48.55 GW), wind (40.03 GW), small hydropower (4.83 GW), bio-mass (10.62 GW), large hydro (46.51 GW), and nuclear (46.51 GW) (6.78 GW). India has set a goal of 500 GW of renewable energy capacity by 2030.
However, the Indian industry continues to rely on coal since it is the least expensive fuel for producing significant volumes of thermal energy. The country plans to aggregate green hydrogen demand from essential steel, cement, and refineries industries.