With over 1.2 billion population that is ever expanding at a mammoth rate, India is facing one of the toughest challenge – to provide sustainable energy to all with a focus on combating global climate change. Besides, India is one of the biggest contributors to greenhouse emissions after U.S and China. With all these factors combined, India has already taken the path to transition towards a sustainable energy future through investments on renewable energy, energy efficiency and sustainable infrastructural development. Policies promoting energy conservation in buildings and green energy in India are being devised.
India’s Renewable Energy Initiatives
As part of its policies to promote green energy in India, the government has already embarked upon the journey to make investments in solar and wind power. India is eyeing a $250 billion investment to install 100 gigawatts of solar power and 60,000 megawatts of wind power – a target to be achieved by 2022.
The insistence upon a sustainable energy future, has attracted a number of global green energy firms to invest in India. Most of these firms are the proud owners of largest renewable energy platforms and technologies. These firms have all the means and resources to set-up the infrastructure at a larger scale required to meet India’s energy efficient demands. Such a scale of sustainable energy infrastructure promises attractive returns and this is the bottom line of the entire story.
Global Green Energy Firms
Some of the prominent global green energy firms that have already expressed their interest in Indian renewable energy space are:
- New York Stock Exchange Listed NRG Energy Inc
- U.S. based First Solar
- Russian company OAO Rosneft
- China’s Trina Solar
In addition to these companies, there are also oversees private equity firms and utilities firms trying to get a share in the Indian green energy sector. Some notable companies include Dubai’s PE firm Abraaj Group, Doha based Nebras Power QSC, I-Squared Capital, NYSE listed Brookfield Asset Management Firm, Singapore-based Sembcorp Industries Ltd amongst others.
India’s Green Initiative – the Starting Point
India’s strategy to implement policies promoting renewable energy and its growth started about a decade ago. There have been several pioneering initiatives to enable the country in significantly contributing to address climate change and global warming. For instance, in 2008 Indian government launched the “National Action Plan on Climate Change (NAPCC), an initiative with the objective to provide the nation a roadmap to climate strategy.
Through this initiative,implementation of several measures aiming at energy conservation in buildings and climate change mitigation at both sector and cross- sector specific levels, have been witnessed. Some other notable initiatives have been, measures to facilitate easy access to clean cooking energy and electricity, solar agricultural water pumps, development of thermal power plants, and many more.
Currently at varying stages of implementation, these initiatives promise a great future with respect to clean, secure and sustainable energy.