Renewable energy presents India with enormous potential for domestic manufacturing and exports

Jayarama Emani | The Dollar Business

Design efficiency, cost advantage and volumes present India a definite advantage in the renewable energy sector with more than 164 countries worldwide now adopting renewable energy targets. Speaking to The Dollar Business, Aditya N Rao, Vice-Chairman and MD of Pennar Industries said, “With ample access to sunlight for over 300 days a year, Solar power has emerged as a viable energy source and has a huge scope ahead for India.” Pennar Industries manufactures ‘solar module mounting structures to support the Solar PV panels.’ Given the right impetus, Indian companies can not only cater to the domestic requirements, but can also export services with regards to quicker delivery, reduced overall cost of structure and in turn reduced cost of solar power project. Meanwhile, a new report by International Renewable Energy Agency (IRENA) said that renewable energy targets are now a defining feature of the global energy landscape, adding 164 countries have adopted at least one type of renewable energy target, up from just 43 countries in 2005. Two more countries, Canada and the United Arab Emirates, have set renewable energy targets at the sub-national level. Developing and emerging economies are leading the adoption of targets, accounting for 131 of the 164 countries with renewable energy targets. The majority of countries focus on the electricity sector – 150 countries have renewable electricity targets – but commitments in other sectors are also on the rise. The number of countries setting targets for the heating/cooling sector increased from two countries in 2005 to 47 today. Similarly, renewable transport targets have more than doubled from 27 countries in 2005 to 59 today. While underscoring the importance of renewable energy targets, the report recognises that they are not sufficient in and of themselves. In order to be seen as credible by investors and society and to provide a reliable trajectory for the future evolution of the energy mix, they need to be accompanied by a clear strategy and backed by specific policies and measures.    

 June 11, 2015 | 10:46 pm IST.