Renewable Energy Sector Has a Fool proof Future

The third-largest consumer of oil in the world as of 2022, India’s economic growth is highly influenced by its energy demand. Therefore, the demand for oil and gas is ever-increasing. While this makes the sector quite conducive for investment, it also points fingers at the dire need and scale of responsibilities toward climate. To concoct a green revolution in the country, the union government has set an ambitious target of producing 500 GW of

renewable energy by 2030, which includes the installation of 280 GW of solar power and 140 GW of wind power. But for a population north of 140 crore, it’s a mountain to climb.

However, it is also an enormous opportunity for organizations in the sector, regardless of their size. According to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflows in India’s petroleum and natural gas sector stood at US$ 7.98 billion between April 2000-March 2022. R K Singh, the Union Minister for Power, recently asserted that in 2023, investments in the renewable energy sector could total around $25 billion. He further explained that we currently have a capacity of 173 GW (including large hydro and nuclear power), while another 80 GW capacity is under construction is around 80 GW. This means the country looks forward to building another 250 GW by 2030, adding 25 GW of renewable energy capacity annually for the next eight years. This would cost investment of $16 billion no wonder the industry is flooding with startups, and rightly so.