India is progressing fast to upscale it capacity to generate renewable energy by more than threefold to 175 GW by 2022. The break-up of this is: 100GW from solar, 60GW from wind, 10GW from biomass and 5GW from small hydropower. The World Bank group looks forward to invest USD6 billion in this initiative by 2022 and almost 300 global companies have committed to generate 266GW renewable energy in the next 10 years. As Indian population, economy and life style grows the consumption of electricity is projected to reach 15,280 TWH by 2040. The renewable energy will account for 55% of the total installed capacity by 2030. By the year 2028 the investments in renewable energy is projected at USD 500 billion.
With colossal carbon emissions, negative climate changes and depletion of alternate sources for fuel, India is slowly bending towards generation of renewable energy. With sun shining on the country on most days, it can capitalize on its solar energy to achieve this, which as per International Energy Agency's (IEA) Renewables Report represents 90% of the country’s source of renewable energy growth apart from wind. The huge population, growing energy demand,abundance of natural resources, support from government, more efficient technologies, favourable demographics and support from investors will help the industry to grow at an unprecedented rate and soon near its target.\
The way forward will however be blocked by obstacles like an evolving regulatory framework, weak credits, finance instability, execution challenges related to land acquisition , grid availability and connectivity, quality of resource, price fluctuations, changing global dynamics, weather conditions, infrastructural incapacities, political unrest and more. These challenges are required to be addressed by sound insurance policies to keep the business going.
