Global Renewable Energy and India’s Future

Modern economies depend on the reliable and affordable delivery of electricity, as electricity is very essential to improve the quality of life and economic development of a country, particularly developing countries. According to World Energy Outlook 2018, global energy demand grows by more than a quarter by  2040 in the new policies scenario, due to rising income and a global population growing by 1.7 billion, mostly in urban areas of developing economies. All the growth comes from developing economies, led by India. Further the share of renewable resources in the power mix will rise from one-quarter today to two-thirds in 2040. Renewable resources have been growing in the resent years in Indian power sectors. The main contribution from renewable resources includes solar Photo Voltaic (PV), wind, small hydro and biomass obtained from different sources. Solar PV is one of the fastest growing technologies and is projected to become the second-largest installed capacity, with installed capacity overtaking wind in the next few years, hydropower within 15 years and coal before 2040. China and India drive the global growth in solar PV; they are responsible for well over half of global solar PV capacity additions. Wind power deployment also grows rapidly, reaching 14% of global capacity by 2040 or around 1700 GW.