SOURCE : CNBCTV | PUBLISHED : 9 JAN 2025
India has set an ambitious goal of achieving 500 gigawatts (GW) of renewable energy capacity by 2030, a target that Shah describes as both “achievable” and transformative. However, reaching this goal will require significant investment and innovation, particularly in modernizing energy grids to manage the increased share of renewables.
As the global community grapples with the intensifying impacts of climate change, India is emerging as a pivotal player in shaping a sustainable future.
According to Rajiv Shah, President of The Rockefeller Foundation, India’s leadership in renewable energy and its ambitious targets offer a beacon of hope, particularly as uncertainties loom over the climate commitments of other major economies.
India has set an ambitious goal of achieving 500 gigawatts (GW) of renewable energy capacity by 2030, a target that Shah describes as both “achievable” and transformative. With renewable energy costs in India now ranging between ₹2-3 per kilowatt-hour, solar and wind power are already more economical than many fossil fuel alternatives.
However, reaching this goal will require significant investment and innovation, particularly in modernising energy grids to manage the increased share of renewables. “The challenge is less about whether renewables can compete financially with fossil fuels and more about upgrading grids to integrate them effectively,” Shah said. Energy storage solutions and digital grid management systems are key to ensuring that renewable energy can meet industrial and base load requirements.
India’s renewable energy drive isn’t just about reducing carbon emissions; it’s also about transforming lives. Shah highlighted the impact of empowering farmers to become energy entrepreneurs. These initiatives not only double incomes but also uplift local communities. Shah observed that such changes inspire aspirations, with children moving from public to private schools and envisioning brighter futures in urban centers. “No place on earth has gotten this right yet, but India has a legitimate chance to make this energy transition about lives changed, not just gigawatts added,” he noted.
In a global landscape where, American climate leadership appears to be wavering, Shah underscored the critical role of nations like India, Brazil, and South Africa. He highlighted that if these economies fail to shift from a business-as-usual trajectory, they could account for 75% of global carbon emissions in the next two decades.
“The world depends on these countries getting the energy transition right,” Shah said, emphasising the importance of ensuring that the transition creates meaningful economic opportunities. India’s ability to scale renewable energy while improving livelihoods could serve as an exportable model for other developing nations, he said.
SOURCE : CNBCTV | PUBLISHED : 9 JAN 2025
