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Amit Kumar, Partner & Leader - Power, Utilities & Mining, PwC India
In the backdrop of global climate change, India has committed itself to achieve the 500 gigawatts of clean energy capacity target by 2030. As of November 2021, India has achieved 104 gigawatts of capacity and ranks fourth worldwide. The country offers an investment opportunity of USD 223 billion with renewable energy projects in the pipeline. It is heartening to note that in recent years investments in the sector have exceeded those in conventional fuel-based projects.
The Government of India, along with public and private sector companies, are committing themselves to adopt clean energy practices and also adopt strategies that make ESG central to their businesses. Policies like the PLI scheme for renewable energy, manufacturing incentives for the solar sector and preferential tariffs to ensure financial viability of renewable energy projects have been introduced. India is now taking a lead in Innovation with successful tendering of RE projects.
Considerations like solar wind hybrid, peak power through RE, round-the-clock power, floating solar, renewable plus battery storage - these are becoming mainstream. The implementation of the green hydrogen policy, recently announced by the government, will give a further push to the sector.
India has also committed itself to the nationally determined contributions. It has targeted the reduction of emission intensity of its GDP by 33-35 percent by 2030 from 2005 levels and 40% power installed capacity from non-fossil fuel sources by 2030. India is now home to some of the largest solar and wind projects. The country is now taking a lead in Innovation with successful tendering of renewable projects, which will pay huge dividends in the years to come and provide a strong, self-reliant foundation for India's growth story.
Sanjeev Krishan, Chairperson, PwC in India
The pandemic has impacted everyone, amplifying and accelerating some of the biggest challenges in our society, and demonstrating the urgent need for systemic change, especially in the adoption of the broader agenda of Environment, Social and Governance (ESG) and the pressing challenge of climate change.
While India has always been committed towards a cleaner and greener future, our society and economy both need a deeper commitment to making the environment a stakeholder in our growth. This is why PwC has pledged to source 70% of electricity from clean energy by 2022 and go completely green by 2050.
We look forward to working with stakeholders across the value chain in supporting this crucial green transition and contributing to India’s energy goals and its self-reliant growth story.
Partner and Leader, ESG, PwC India