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According to a report by CRISIL Ratings, India’s wind energy sector is expected to surge 4.5 times by 2030 due to favorable policies and government incentives. The report, which analyzed the wind energy sector’s current and future trends, highlighted that the cumulative wind energy capacity could reach 140 GW by 2030, up from the current capacity of 31.5 GW.
The report notes that the increase in wind energy capacity is driven by several policy initiatives, including the government’s National Wind-Solar Hybrid Policy, which promotes hybrid projects that combine wind and solar power generation. Other policies include the Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) scheme, which aims to promote the use of solar energy among farmers, and the Wind-Solar Hybrid Policy for Decentralized Power Generation, which focuses on developing small-scale wind-solar hybrid projects.
The report also highlights that India has the potential to become a leading player in the global wind energy market, with a significant portion of the market driven by offshore wind energy. India’s vast coastline and shallow waters make it an ideal location for offshore wind energy projects.
Commenting on the report’s findings, Anuj Sethi, Senior Director, CRISIL Ratings, said, “The wind energy sector is poised for a significant growth trajectory in India, driven by favorable policy tailwinds. With the government’s focus on promoting renewable energy and reducing carbon emissions, we expect to see a surge in wind energy capacity over the next decade. The offshore wind energy market also presents a significant opportunity for India to become a leading player in the global market.”
The report’s findings come at a time when India is ramping up its efforts to meet its renewable energy targets. India has set a target of achieving 450 GW of renewable energy capacity by 2030, which includes 280 GW from solar and 140 GW from wind energy. The government has also announced a plan to achieve net-zero emissions by 2070, making it one of the few developing countries to make such a commitment.
With favorable policy initiatives and government incentives, the wind energy sector is poised for significant growth in India, paving the way for a cleaner and more sustainable future.
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