IEA Predicts 18% of India’s Electricity Will Be Solar-Powered by 2030

IEA Predicts 18% of India's Electricity Will Be Solar-Powered by 2030

VoM News Desk | October 25, 2023 | 12:05 AM IST | Breaking News, Energy | Follow on Google News

IEA Predicts 18% of India’s Electricity Will Be Solar-Powered by 2030

IEA Predicts 18% of India’s Electricity Will Be Solar-Powered by 2030

The International Energy Agency (IEA) has made a significant prediction regarding India’s energy landscape. According to their latest World Energy Outlook 2023, 18% of India’s electricity generation will be derived from solar sources by the year 2030, a substantial increase from the current figure of 6%. This projection underlines the country’s growing commitment to renewable energy as it aims to achieve its ambitious target of 500 GW of installed capacity from non-fossil fuels by 2030, including around 270 GW of solar capacity.

Renewables to Dominate Global Electricity Production

IEA’s report also brings promising global news. It anticipates that renewables will contribute to half of the world’s electricity production by 2030. This surge in clean energy technologies, encompassing solar and wind power, electric cars, and heat pumps, is set to reshape the energy landscape. The report projects substantial growth in the number of electric cars on the roads, with nearly ten times the current figure expected.

Challenges Ahead: Emission Reduction and Policy Implementation

While the outlook is generally positive, the report also sounds a note of caution. It highlights that greenhouse gas emissions remain at levels that could push global temperatures beyond the critical threshold of 1.5 degrees Celsius, underscoring the urgent need for further emissions reduction efforts.

The report emphasizes the role of policy in driving the transition to cleaner energy sources. It highlights various policies worldwide that encourage the diversification of supply chains for clean energy technologies. These policies include the Inflation Reduction Act in the United States, the Net Zero Industry Act in the European Union, and India’s Production Linked Incentives scheme.

Furthermore, the report recognizes India’s pivotal role in shaping future energy consumption trends. It notes that India is the world’s largest source of energy demand growth in the Stated Policies Scenario (STEPS), surpassing Southeast Asia and Africa. Addressing rising energy demand in economies like India while finding low-emission solutions will be crucial in accelerating the global shift away from fossil fuels.

VoM News Desk

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