Power companies no longer rely on fossil fuels to meet energy demand when fuel prices were low. The sustainability of wind, hydropower, geothermal, solar, and biomass strongly encourages energy supply companies to utilize them. In order to meet the energy demand, it is essential to use it efficiently. Experts believe that renewable energy sources should be used for power generation. By 2050, global energy consumption is set to increase by nearly 50 per cent, according to the Energy Information Administration (EIA).
Although nations make commitments to achieve net-zero emissions and carbon neutrality during global summits, fossil fuels like coal, oil and natural gas supply 80 per cent of the world’s energy used and large parts of the developing world depend on it.
According to Ratul Puri, Chairman, Hindustan Powerprojects (HPPPL), “Soon, renewable energy will play a significant role in power generation and open the way to carbon neutrality.”
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Currently, India is meeting global commitments, including living up to its climate mitigation promises. Despite ambitious targets, the country is on our way to make renewable energy a 40% component of the energy mix by 2030. In addition, it is also managing the sequestration of 2.5 billion tonnes of carbon.
However, the path to clean energy is not as simple as it appears. If the world needs to be net-zero by 2050, as per the Intergovernmental Panel on Climate Change (IPCC), all countries need to take on emission reduction targets. The energy transition is one of humanity’s most complex issues in contemporary times.
Mr Ratul Puri added, “Our energy challenge has three facets. We firstly require clean and reliable energy to meet our consumption needs. Secondly, we need to shift to green energy sources to eliminate global warming and thirdly, we should increase grid reliability and resilience.”
In the past eight years, India has invested ₹5.2 lakh crore in renewable energy. By implementing policies such as transparent bidding, waiving interstate transmission system charges, etc., the country has been able to play a leading role in the clean energy sector. So much so that despite the pandemic, steady growth has helped us reach the 100GW target for renewable energy by 2021.
“With advanced situational intelligence, digitalized energy systems can identify when people need energy and how to deliver it at the lowest cost. We must continually innovate and advance our energy and climate strategies. There is a huge opportunity in reimagining the energy sector.” Concluded the Chairman of HPPPL, Ratul Puri.