NEW DELHI: India’s energy needs are expected to grow by 2 to 2.5 times by 2047 to meet the developmental priorities and aspirations of a growing economy, according to the Economic Survey tabled in Parliament on Monday.As per the survey, given the limitations of resources, the pace of the energy transition must consider alternative demands for improving climate resilience and ensuring sustained social and economic development. The survey emphasizes that achieving net-zero emissions by 2070 will require an orderly transition to a diversified mix of energy sources, with a significant share from non-fossil sources and improvements in energy production and efficiency.“Phasing renewable energy into the country’s energy mix is paramount in India’s drive towards cleaner energy sources,” the survey reads.In 2022-23, India’s primary energy mix was dominated by fossil fuels, with nearly 84% of energy needs being met by coal, oil, and natural gas. However, the electricity sector’s composition has significantly shifted due to the increased integration of renewables. As of May 2024, the share of non-fossil power capacity in the electricity sector stands at 45.4%, up from approximately 32% in April 2014.The survey highlights several recent initiatives aimed at boosting renewable energy production. First, the PM-Surya Ghar Yojana, launched in February 2024 with a total outlay of Rs. 75,021 crore, is expected to add 30 GW of solar capacity, reduce 720 million tonnes of CO2 equivalent, and create around 1.7 million direct jobs across the solar value chain.Second, leveraging India’s 7,600 km long coastline, the government has introduced the National Offshore Wind Energy Policy and Offshore Wind Energy Lease Rules, 2023. “Several offshore zones have been identified for harnessing this potential, and viability gap funding for an initial capacity of one gigawatt has been announced recently,” the survey notes.Third, the Green Hydrogen Mission aims to produce five million metric tonnes (MMT) of green hydrogen by 2030. This initiative includes financial incentives to boost electrolyser manufacturing and production, with tenders awarded under the Strategic Interventions for Green Hydrogen Transition (SIGHT) scheme for a total capacity of 412,000 tons.
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