Bolstering Economic Development through Solar Energy

It is an established fact that any countries economic growth and development is visible when its people contribute successfully to the Economic Stock, are self reliant and engaged in some economic activity , when a larger section of population are not unproductive consumers, another factor that contributes to the development is when the populace has access to Energy, Water, Health and Sanitation facilities, education and propensity to save, hence a Bank account too.

The purpose of writing this article is to understand how Solar Energy Access and Infrastructure can foster Economic Growth, for a developing country like India a boost to creating awareness and identification of opportunities is crucial. The transition from Fossils to Green Energy is a huge challenge with people still keeping a traditional approach to Fossil fuel consumption. However, Organizations in the Energy space, Climate Forums, Multiple actors and stakeholders are creating platforms for dialogues and action for mitigating Climate change.

Considering that India has a huge potential in generating electricity through Solar and increasing awareness for adoption of Solar, will only help reduce the extraction of Finite Resources, Mitigate Business risks and Investment, help bridge the gap between Demand and Supply for goods and services. There is no doubt that there has been immense improvement and building of Integrated PV Technology coupled with Solar that has been a ray of hope towards achieving the NetZero Targets and Overall Energy Efficiency Goals by 2030. The study is supported by a graph below showing the Trend of India"s Solar PV and Wind Installations only to give you an understanding of financial implications through mapping of Installation Trends of the two on the Economy.

Provision of Clean and Affordable Energy overall creates a significant impact on the quality of Lifestyle, provides access to infrastructure for self reliance, ensuring Grid Security, increase in their Personal Income and Purchasing Power. As a result there will be a saving power when the overall consumption pattern of Solar increases. Infusing Solar Energy Technology will also bring in job opportunities for people, as the demand for Solar Increases, more and more people would be required to for jobs including Manufacturing, Installation, Operation and Maintenance of Solar Plants.

Moreover, past experiences in India suggest Centre-pushed reforms, driven by reform champions, have failed to sustain, owing to poor sub-national adoption. Sustaining the desired energy transformation needs alignment of interests and building a reform coalition between the Centre, states, utilities, regulators and private players, among others. While there is a greater emphasis on international partnerships, the focus on building a domestic reform coalition seems inadequate. Consequently, the early signs of breakdown were evident in poor RPO (renewable purchase obligation) compliance and collapse of the REC (renewable energy certificates) mechanism. On the deployment front, while there is good progress in reaching the 60 GW utility scale solar capacity, rooftop solar is lagging behind. As of April, only 1.5 GW capacity has been installed against a target of 40 GW by 2022. Cited: Livemint

A Robust Energy infrastructure is certainly a thrust to Economic Growth. Contributing to this journey of RE Growth trend OORJAgram India a Social Enterprise working in the Energy space towards grassroot development and catapulting efforts to promote Renewable Energy adoption and Sustainable Development Goals. https://www.oorjagram.in