Huge Development in Renewable Energy Investment Market: Researchers Propose in a Study that Higher Targets for Wind and Solar might lead to Less Dependence on Fossil Fuel Sources
Several governments all over the globe have set ambitious targets for renewable power. One such country is India that has set the target to quintuple its current wind and solar energy capacity by the year 2030. If the country is able to meet its targets it would greatly benefit the general environment of the world as India is known to be the world’s third biggest greenhouse gas emitter. Although, it should be kept in mind that it’s per capita emissions are still below the global average.
Researchers have found an interesting development for the Renewable Energy Investment Market which is not only of great consequence for India but also the world in general. In their new study they have proved that higher targets for wind and solar would lead to comparable cost in contrast to fossil fuel sources. For India particularly, this is great news as this will allow the nation to hold its greenhouse emissions from the electricity sectors at the same level as that of 2018. At the same time it would double the electricity supply so that economic development can be met more efficiently.
India would have the power to aim even higher when it comes to its renewable energy agendas. It might reach clean power capacity of 600 gigawatts in the next decade from the current 450 gigawatts it is able to produce. The team noted that high renewable energy targets might be cost-effective for India as the price for the same are plummeting. They revealed that in order to achieve the lowest costs, it is essential that the right mix on the electric grid is found.
Through computer models, researchers examined the costs for electricity and carbon mitigation as are needed to reliably operate the grid to meet several of wind and solar targets by 2030. As per the goals undertaken currently, two-thirds of India’s added renewable electricity would be generated from solar; the remaining needs would be met by wind. However, the team has provided that after analysis of India’s weather and electricity demand patterns it would be more beneficial and cost effective if a target is set up that leans heavily on wind power.
India still needs to look into availability of resources for meeting electricity demands at times when both sun and wind levels would be too low to produce electricity. Cost for energy storage on the grid are decreasing day by day making it an option with a lot of potential. If investments are to be avoided in new coal power plants, then it is essential to deploy batter storage.
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