The green energy industry in India is developing at a very fast pace
The 2022 showed the world how serious the problem of energy dependence has become. At the same time, the crisis in this market led to the search for new ways of obtaining the resource and further proved the importance of developing renewable energy. India became one of the countries that emphasized its own strength rather than looking for new suppliers. According to analysts at the Indian unit of Bank of America, the local green energy industry could receive an investment of $10 billion by 2023.
According to experts, the funds will be used primarily for projects related to electric transportation and the production of hydrogen fuel. The policy of the Indian government, which is making serious efforts to implement the clauses of the climate agreement, is helping to attract investors. The country’s economy has shown excellent growth in recent years, increasing investor confidence and the attractiveness of local companies. In addition, the number of investment funds operating in green energy and related sectors in India is growing regularly.
In addition to the growth of investment in renewable energy, Bank of America analysts predict an increase in investor interest in local companies that meet the consumer needs of the population. The number of such brands is growing, helped by the rising income levels of the country’s residents.In contrast to many countries that have signed the climate agreement but are not complying with its clauses, India has already exceeded its previous commitments. This has been achieved primarily through the development of green energy and the introduction of innovative solutions in the sector.
Since 2014, the government has set the goal of meeting the country’s energy needs while reducing environmental damage. One of the steps in this strategy was to increase investment in renewable energy. In 2022, for example, 195 billion rupees were allocated from the national budget to increase the production of solar panels. India’s energy sector is expected to double in size within 20 years. To that end, the country is increasing the number of clean energy production facilities. In the state of Bihar, for example, there is a floating power plant that does two things at once. It produces energy and also stimulates the fish farming sector.
The Indian government plans to increase solar power production to 238 GW and wind power to 101 GW by 2030. This will create a large number of jobs and reduce unemployment in the country. So far, the strategy is being successfully implemented, aided by foreign investment in the green energy sector.