India is all set to boost her renewable energy production and in the next few years, around 75 % of the energy produced would be from renewable sources. This is the data suggested by the Bloomberg New Energy Finance (BNEF). Of the total energy produced, 32 % will be coming from solar energy while 34 % is coming from wind energy.
According to Shantanu Jaiswal, the head of India Research at BNEF has opined that inexpensive renewable energy and battery solutions would one day revolutionize the entire electricity system. This is because with the passage of time, new and better power generation assets are growing and this will definitely lead to the cost of wind energy to come down by the year 2050.
He also added that the influx of low-cost battery storage solutions will mean that it would be more affordable to add finesse to the delivery of electricity from wind and solar, so as to ensure that these technologies can help meet demand even when the wind is not blowing and the sun is not shining. The report projects approximately $11.5 trillion being invested world- wide in new power generation capacity between 2018 and 2050, with $8.4 trillion of that going to wind, solar and a further $1.5 trillion to other zero-carbon technologies such as hydro and nuclear.
The increased investment in the renewable energy sector is indeed a sure shot sign of development in the field and a giant step towards the green energy movement.