American study agrees, this dream of PM Narendra Modi will be fulfilled

India will install 500 GW of renewable energy generation capacity by 2030.

American study agrees, this dream of PM Narendra Modi will be fulfilled
American study agrees, this dream of PM Narendra Modi will be fulfilled

If India meets its target of installing 500 GW of renewable energy by 2030, it will be able to meet double its electricity demand and reduce emissions without shutting down polluting coal and gas-based power plants. This new US study was released on Thursday. The study recognizes the cost-effectiveness of Prime Minister Narendra Modi's announcement at the recent United Nations Climate Change Conference in Glasgow that India will install 500 GW of renewable energy generation capacity by 2030.

But, there are conditions for this optimistic projection. The cost of battery storage, wind, and solar power technologies should continue to decline. They should be supplemented with flexible resources such as efficient energy storage, agricultural load shifting, hydropower, and existing thermal power with power assets in the country.

Electricity costs can be reduced by 8% to 10%. A study by the Lawrence Berkeley National Laboratory (LNBL), a US Department of Energy science laboratory managed by the University of California, suggests that if India achieves the target of installing 500 GW of renewable electricity capacity by 2030, it could reduce the cost of electricity. reduce it from 8% to 10%. provided the prices of renewable energy and battery storage continue to fall. What's more, it will be able to reduce the carbon emission intensity of its electricity supply by 43% to 50% by 2030 over 2020 levels. 

Indian-American Nikit Abhyankar, Berkeley Lab scientist and lead author of the study, said, "We found that manufacturing such high levels of renewable energy would actually be economical for India, given the cost reduction in clean technologies that would have been much higher than anticipated. Two other researchers on the study are also Indian-Americans Shruti Devrah and Amol Phadke. It was funded by the US Department of State, Bureau of Energy Resources under the Flexible Resources Initiative of the US-India Clean Energy Finance Task Force.

India has committed itself to installing 175 GW of renewable energy capacity by 2022, which will increase from 100 GW at present to 500 GW by 2030. The study suggests that if India achieves the 2030 target, 50% of its electricity supply could come from carbon-free sources, compared to only 25% in 2020.