Renewables trend

Renewables trend

Subject: Economy

Context: Demand for fossil fuel electricity generation in India reached a plateau in 2018, and fell in 2019 and 2020, according to a study published Wednesday by UK’s Carbon Tracker in collaboration with the Council on Energy, Environment and Water (CEEW).

Concept:

According to the report, ‘Reach for the Sun’

• India, which accounts for 9% of emerging market electricity demand and 20% of expected demand growth,
• From less than 20GW of solar power in 2010 it has grown to 96GW of solar, wind biomass and small hydro power in May 2021 including large hydropower, renewables now provide 142GW or 37% of the country’s power capacity.
• India, actually bypass the steps taken by developed countries and leapfrog directly into the use of renewable energy as the main source of electricity.
• India has undertaken arguably the fastest rate of electrification the world has witnessed
• China, which nearly makes half the electricity demand, and 39% of the expected growth; India or Vietnam, which are a third of the demand and nearly half the growth;

World,

• Fossil fuel electricity generation has peaked worldwide as emerging markets seize opportunities in low-cost renewables.
• Given renewables are already the cheapest source of new electricity in 90% of the world, emerging markets (non-OECD countries plus Chile, Colombia, Mexico and Costa Rica) have no need to build up huge electricity infrastructure based on fossil fuels.
• Globally, around 770 million people still lack access to electricity.