3 min readNew DelhiJan 25, 2023 04:00 AM IST
First published on: Jan 24, 2023 at 02:24 PM IST
India plans to add 76 gigawatts (GW) of utility-scale solar and wind power by 2025 which could save up to $19.5 billion a year (over 15 lakh crore) caused due to the burning of coal, according to the latest research by Global Energy Monitor.
Data by the Global Solar Power Tracker and the Global Wind Power Tracker rank India among the top seven countries globally in terms of prospective renewable power. This buildout can avoid the use of almost 78 million tonnes of coal annually, or roughly 32 GW in coal power plant capacity, which is more new coal capacity than the country has added since 2018, finds the report.
“Annual savings in India can skyrocket if the coal to clean switch matches the country’s ambitions. India plans to add an additional 420 GW of wind and solar power by 2030, which would increase the annual savings from avoiding coal power to more than US $58 billion, with the total savings reaching $368 billion by 2030,” it says.
According to the report, if India were to bring on line all of its planned utility-scale solar and wind projects it would cost roughly $51 billion. But with a $19.5 billion annual savings in direct fuel costs, India could pay for this in just two-and-a-half years, it adds.
ExplainedCost-effective and clean energy
If India were to bring on line all of its planned utility-scale solar and wind projects, it would cost roughly US$51 billion. But with a US$19.5 billion annual savings in direct fuel costs, India could recover this in just two-and-a-half years, a Global Energy Monitor report says. India accounts for 5 per cent of all prospective utility-scale solar power globally, trailing only China, the U.S. and Australia. It's placed 17th globally in prospective wind power capacity.
India accounts for five per cent of all prospective utility-scale solar power globally, trailing only China, the US, and Australia, while placing 17th globally in prospective wind power capacity.
“Save money, slash emissions – India’s switch from coal to clean power is a win-win. A promising step towards meeting the country’s net zero emissions target by 2070, India will be richer and cleaner by quitting coal. Costs for solar and wind power continue to plummet, and compared to volatile fossil fuel prices, renewable present a far better option for building new energy infrastructure,” said Shradhey Prasad, project manager for the Global Wind Power Tracker.
China has the most prospective renewable power currently at 387,258 MW, followed by Australia, Brazil, the United States, Vietnam, Greece, South Korea, Taiwan, and Japan.
According to the report, if India were to bring on line all of its planned utility-scale solar and wind projects it would cost roughly $51 billion. (File photo) 
Share
