Renewable energy is coming of age in India. In a clear sign of their technological evolution, clean energy techniques specially Solar Energy has gained a cost advantage over coal-fired plants.
Up to 62% of India’s existing coal capacity is now running at a cost higher than that of building new solar, according to a global study of 6,685 coal plants by Carbon Tracker Initiative, a London-based think tank.
The reasons include a nearly 50% decrease in renewable energy prices in India over the last five years, along with a thrust in coal prices in recent months.
Prime minister Narendra Modi’s government has also aggressively pushed for renewable energy. One of India’s key commitments in the Paris Agreement is to generate 40% of its electricity from renewable sources by 2030—a goal it may achieve even a decade in advance. Solar capacity in the country has grown four times over to 22 gigawatts (GW) since 2014. In comparison, coal capacity has only grown by 9 GW.
“Over the long term, coal power will become a net liability and those politicians in regulated markets who remain wedded to high-cost coal will be forced to choose between subsidizing coal generation and power prices, which will impact the fiscal health of the state, or increase power prices,” Gray said.
Solar is considered to be the future of India and is an essential tool to curb the power requirements in India and will play a major role in fighting against Global warming by reducing dependency on conventional power generation mechanism.
Source: QUARTZ INDIA