Most governments globally are working on transitioning their energy sector to clean energy through renewable energy sectors. And yes, India is no different, and via the ministry of energy, the country has set up policies to help the masses adopt clean energy. However, a recent well-researched study was recently released explaining why India must double the renewable targets. It explains why the current target is not correct, but experts and policymakers need to readjust the 2030 target.
The study focuses on electricity and carbon mitigation expenses related to achieving the renewable energy targets set in 2030 in India’s electricity grid. It learns that wind majority targets feature the most cost-effective power potential in the country. Via a paper in the National Academy of Science Proceedings, top researcher Ranjit Deshmukh and co-authors Amol and Duncan wrote that developing many wind and solar projects will reduce the fossil’s lifespan fuel power farms have in the energy sector.
This move will hold the country’s 2030 target on the power sector at the 2018 level at expenses that measure up to the fossil fuel power dominating the power grind and double the electricity supply. With reduced costs, battery storage can quickly avert the necessity of more fossil fuel farms at a pocket-friendly price. India has a set target to achieve 450 GMW of renewable power by the end of this decade. It has a total energy capacity of 380 GMW, where 90 GMW comes from renewable energy sources, excluding the large hydropower stations.
The CEEW (Council on Energy Environment and Water) needs to develop above 83% of its power from renewable energy sources to achieve the net-zero target by 2050. However, carbon emissions are a single concern regarding developing countries like India. Ranjit explained that some countries like India have low carbon emission figures, and for renewable energy to become fully-adopted, we need the economic sector to give it something.
With the drop in the cost of wind, solar energy, and batteries for storage, installing renewable energy will become cost-effective compared to conventional energy. Why is renewable energy less pricey compared to fossil fuel technologies? There is less investment in developing renewable energy than traditional power, where you need mining technologies and huge investments. With these facts, Ranjit and his team conclude that India would increase the renewable energy target up to 600 GW by 2030.
For the storage sector, people can relax since it is becoming a cost-effective product that smoothens energy supply and demand’s differences since you can store power in case of high demand. And later, the planet can successfully abandon its dependency on conventional energy.https://nyjets101.com/