India can save $19.5 billion annually with shift from coal to clean power: Report
- Data in the global solar power tracker and the global wind power tracker rank India in the top seven countries globally in terms of prospective renewable power, the report said
India plans to add 76 gigawatts (GW) of utility-scale solar and wind power by 2025, leading to savings of up to $19.5 billion a year (Rs. 1,588 billion) versus burning coal, according to new research from Global Energy Monitor.
“Data in the Global Solar Power Tracker and the Global Wind Power Tracker rank India in the top seven countries globally in terms of prospective renewable power,” the report said.
This buildout can avoid the use of almost 78 million tons 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, it added.
According to the report, the 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 total savings reaching US$368 billion by 2030.
“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 said.
India accounts for 5% 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,” said Shradhey Prasad, Project Manager for the Global Wind Power Tracker.
“Costs for solar and wind power continue to plummet, and compared to volatile fossil fuel prices, renewables present a far better option for building new energy infrastructure,” he added.
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Business NewsIndustryEnergyIndia can save $19.5 billion annually with shift from coal to clean power: Report
First Published:23 Jan 2023, 08:06 PM IST
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