India ranks among the top seven countries in the world with the most prospective renewable power, according to a new analysis by San Francisco-based non-governmental organization Global Energy Monitor. The country also plans to add 76 gigawatts (GW) of utility-scale solar and wind power by 2025, leading to savings of up to $19.5 billion a year.
According to the data of the Global Solar and Wind Power Trackers, this buildout can avoid the use of almost 78 million tonnes of coal annually, or roughly 32 GW in coal power plant capacity. Annual savings in India can skyrocket if the coal-to-clean switch matches the country’s ambitions.
“India plans to add an additional 420 GW of wind and solar power by 2030, which would increase the annual savings from avoiding coal power to more than $58 billion, with total savings reaching $368 billion by 2030,” the analysis states.
It further highlights that if India were to bring on line all of its planned utility-scale solar and wind projects, it would cost the country around $51 billion. “But with a $19.5 billion annual savings in direct fuel costs, India could pay for this in just two and a half years,” the analysis adds.
India accounts for 5 per cent of all prospective utility-scale solar power globally, trailing only China, USA and Australia while placing 17th globally in prospective wind power capacity. “Save money, slash emissions – India’s switch from coal to clean power is only going to be a win-win. A promising step towards meeting the country’s net zero emissions target by 2070, India will be richer and cleaner by quitting coal,” says Shradhey Prasad, project manager for the Global Wind Power Tracker.
