“India is on a path towards sustainable development by achieving Energy Independence”, said Lawrence Berkeley National Laboratory, US Department of Energy.
The whole world is stepping forward to make ambitious energy development infrastructure in their countries and In this race, India could be a winning horse, as predicted by the US Department of Energy in their research study. As the World’s largest economy, India is focusing on the development of Energy infrastructure.
To fulfill its energy requirements for the upcoming decades and achieve self-reliance, India has set a target of investing $3 trillion in the development of its energy infrastructure as a part of the ‘Atma Nirbhar Bharat Mission’ reported PTI news. Becoming self dependent in the Energy sector, it is not as simple but as a leading economy, India’s priority lies in the growth and modernization of its energy industry.
By achieving Energy independence, India would have had significant positive effects on its economy, as savings up to $240 billion, India’s 90% of yearly spending on fossil fuel imports, also this will save India’s $2.5 trillion by 2047. India’s unexpectedly rapid strides towards global competitiveness will enhance its position in the international market sooner than anticipated.
“According to our research, India’s energy infrastructure is in need of a massive investment of $3 trillion in the upcoming decades, and it is imperative to prioritize the development of new energy assets that are both economically viable and environmentally sustainable to ensure long-term financial stability”, said Amol Phadke, Berkeley Lab staff Scientist.
The Indian Government has already set a target to generate more than 500 GW of non-fossil electricity by 2030 to achieve energy independence through which 80% of the clean grid would regulate till 2040 and 90% of clean grid till 2047. Recently, India has discovered almost 6 million metric tons of lithium deposits in Indian-administered Kashmir and this could be used for the production of Lithium-ion batteries and new electric vehicles.
According to the report, all the vehicles would be replaced with EV’s by 2035. Renewable hydrogen energy would also be use in most cases.” In upcoming decades, India will adopt a positive environment for the development of energy infrastructure”, said author and researcher at Berkeley Laboratory, Priyanka Mohanty.
As a leading economy in the world, the Indian Industry must adapt the thought for clean technology such as production of electric vehicles and green steel. This will keep India driving towards its goal to accomplish self-dependence.