In the striking finding of the International Renewable Energy Agency (IRENA), which has been crunching the data on 17,000 renewable power projects and more than 10,000 power deals signed in 2019, new renewable power generation projects now increasingly undercut existing coal-fired plants. There will be a crossover of the prices globally, and then we can expect renewable energy prices to drop than fossil fuels.
The same goes for the Indian Renewable sector! Indigenous manufacturers try to be ready with post-sale services! A key area of improvisation.
I have been emphasizing MINDSET in my every post because today is time to take action, rethink our “CHALATA HAIN” approach, and work towards achieving common goals.
Before we discuss more, I would like to show a few facts and opportunities, and challenges in the sector.
There are perfect chances that we notice the new project installations at low absolute costs in the coming decade, if there is proper stakeholder engagement without “GREEN WASHING”.
I had a very insightful discussion with Mr. Shankha Surva, Co-Founder of EarthWorks. He emphasized on dedicated policies, promotional activities, encouragement from the government, proper schemes, maintenance follow-ups are the gaps to fill in. Renewable energy financing also to be focused on increasing competition in the sector, which ultimately helps awareness and positive engagement between the implementor and solution provider.
Personally, in 2 consecutive hourly meetings with him, I could visualize the renewable energy sector in India with the ground reality, challenges, and opportunities in-depth.
So if you are someone thinking about implementing renewable energies, tweak your business model slightly to increase profitability, and own a start-up that has the vision to cater to the nation; good luck with all your future endeavors!
SKY is the limit, provided you properly plan to reach there!
Follow the blog for yet another insightful story regarding Hydrogen Energy.
PS: For those who are interested to learn more about the Renewable Energy Sector here are the resources! Happy Reading!
- Renewable energy for sustainable development in India: current status, future prospects, challenges, employment, and investment opportunities
- GOI SCHEMES in the Sector
- Ministry Current Notices
- Why India is the new hotspot for renewable energy investors?
- Market Report
- Chart of the day: Renewables are increasingly cheaper than coal
- For Investors
- Renewable energy in India Current status and future potentials.pdf