CSR: The Rise of Solar in India
According to the National Renewable Energy Laboratory, the amount of solar energy that falls on the surface of the earth in one day is more than what 6.1 billion people can use in 27 years. This shows that solar energy can prove to be the most efficient way of environment conservation. Recognising the potential of this versatile energy source, the world is slowly but surely moving to solar.
According to Quartz brief, the share of global energy that came from renewable sources passed 10 per cent in 2018. India’s renewable auctioned capacity has increased by 68 per cent since 2017 according to Bloomberg’s research. In fact, India ranks 2nd after Chile in increased investments and clean energy installations, as well as the world’s largest renewables auction market.
The Narendra Modi government in India has set an ambitious goal of reaching 175 GW of clean energy generation by March 2022. In order to achieve this, the efficiency and cost of conversion and preservation of solar energy in other forms. The government has introduced policies to ease this process and promote the use of renewable energy sources in the country. These include Provision of Renewable Purchase Obligation, Development of Solar Parks and Ultra Mega Solar Power Projects, Development of power transmission network through Green Energy Corridor project, Making rooftop solar as a part of housing loan provided by banks, Waiver of Inter-State Transmission Charges and losses and many more.
India has an estimated renewable energy potential of about 900 GW from sources like Wind – 102 GW, Bio-energy – 25 GW, Small Hydro – 20 GW and Solar power – 750 GW. According to the world bank, the majority of the country’s tropical landmass is located optimally for peak solar radiation. It has described India as having “among the best conditions in the world to capture and use solar energy”. Reaching its full potential, India can be the next energy hub of the world.
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