Green technologies are well known as environmental technology which helps us to recycle & purify water, efficiently manage waste, treat sewage properly and renew energy. Renewable energy gets continuously renewed and is generated from natural processes. Among them solar energy is most popular. Green Technologies is the 5th largest power generation portfolio and is also 5th largest wind energy producer. The plan is to produce around 20,000 MW of solar power by 2022. India ranks fifth largest power generation portfolio worldwide with a power generation capacity of 245 GW.
The current renewable energy contribution stands at 31.70 GW of the total installed capacity of 245 GW in the country. Wind energy is the largest renewable energy source in India. The Jawaharlal Nehru National Solar Mission aims to generate 20,000 MW of solar power by 2022, creating a positive environment among investors keen to tap into India’s potential. The country offers unlimited growth potential for the solar photovoltaic industry with vast potential for solar energy and is rapidly emerging as a major manufacturing hub for solar power plants. Wind energy accounts for nearly 70% (21.1 GW) of installed capacity, thereby making India the world’s fifth largest wind energy producer. The Government of India has set a capacity addition target of 30 GW, which will take the total renewable capacity to almost 55GW by the end of 2017. This includes 15 GW from wind power, 10 GW from solar power, 2.9 GW from biomass power and 2.1 GW from small hydro power.
Current foreign Investments
India’s vast untapped renewable energy resources like wind energy has installed capacity of 21.1 GW and an estimated potential of 102.8 GW. Small hydro has installed capacity of 3.8 GW and an estimated potential of 19.7 GW. Bio-power (including biomass and biogases co-generation) has an installed capacity of 4.1GW as opposed to an estimated potential of 22.5 GW. Solar power has installed capacity of 1.7 GW against the potential of 6 GW.
Government Initiatives and Future Plans
India is the fourth largest importer of oil and the sixth largest importer of petroleum products and LNG globally. The increased use of indigenous renewable resources is expected to reduce India’s dependence on expensive imported fossil fuels.