India’s Renewable Energy Portfolio: An Investigation of the Untapped Potential of RE, Policies, and Incentives Favoring Energy Security in the Country

Abstract

Access to inexpensive, safe, consistent, and clean energy is a critical necessity for all to achieve the SDGs. India’s renewable energy (RE) currently accounts for more than a third of the 482 GW of installed capacity and more than 40 percent of power production (including large-scale hydropower). Reforms such as the establishment of a single national power grid have improved access to electricity for people, and the ambitious development of renewable energy, which is the world’s third-largest energy generator and third-largest electricity user, has helped in achieving these aims. As a result, the expansion of national targets signifies and reflects the country’s optimism and goal for the forthcoming generation. Standardization of the guidelines and development of the stable grid and transmission networks will only enable the country to achieve the ambitious target of 500 GW of green and clean energy by 2030. This paper highlights the important development in the power sector regarding the energy security of India. As well as specifically examining the initiative of NSMs for achieving the 2030 targets, the key challenges, and the way forward to increase the cumulative installed capacity, comprehensive studies of various policies and government initiatives are also discussed. Furthermore, the key challenges usually faced by the developers in the industry, along with the steep decline and rise in the tariffs of solar projects and the previous trends in capacity installation, are also pointed out. This research work also highlights the potential key challenges to achieving the targets, and will thus provide a focus for power developers, policy makers, researchers, and industry practitioners and help with their planning. In the current scenario, the supply of food and the clean energy nexus are required to meet the demands of people’s livelihoods.