Paving the way for energy security and sustainable practices

The ‘India Recharge in Need’ initiative propels renewable energy, smart grids, and public-private collaborations in the transformative energy sector.

In India, the urgent convergence of environmental sustainability and energy security has spurred the ‘India Recharge in Need’ initiative. This effort aims to cultivate a skilled workforce proficient in cutting-edge technologies, innovation, and sustainable practices. Its primary objectives are to bridge the workforce gap, attract substantial capital investments, and propel India toward energy self-sufficiency, sustainability, and economic prosperity by 2032.

The country is at the forefront of the global net-zero revolution, transitioning from coal to renewable energy sources with an impressive 178 gigawatts capacity. Capital infusion is vital for technology advancement, domestic manufacturing, and grid infrastructure to support the surge in renewable energy deployment.

This transformation encompasses not only energy but also collaboration, innovation, and a commitment to a circular economy. The coming decade in India’s energy and power sector presents a landscape of opportunities and challenges driven by diverse professionals who have the potential to shape a brighter energy future for the nation.

Transformation towards net-zero

India’s role in the global push for net-zero emissions is becoming increasingly prominent, with key leaders emphasising the importance of capital infusion to drive this transition. Three major aspects underscore the significance of this capital injection.

First, it is essential for advancing technology across various domains, not just limited to renewable energy but also extending to storage technologies, electric vehicles, and grid infrastructure. By investing in cutting-edge innovations, India can drive progress and lead the way in reducing its carbon footprint.

Second, capital infusion is vital for bolstering domestic manufacturing capacities. This not only creates job opportunities but also promotes self-reliance, reducing dependence on foreign sources and strengthening India’s economic resilience.

Lastly, capital infusion plays a pivotal role in enhancing grid infrastructure and ensuring grid stability. With the rapid influx of renewable energy sources, the grid must adapt to accommodate these fluctuations, thereby supporting the transition to cleaner energy sources.

This transformation in India’s energy and power sector reflects a broader global shift towards sustainability. It also considers the changing landscape of global geopolitics, underlining the necessity for countries to become more self-reliant across various sectors, including energy. By taking these steps and prioritizing capital infusion, India aims to lead the way in achieving its net-zero goals while contributing to the global effort to combat climate change.

Saloni Sachdeva Michael , Energy Analyst at IEEFA, emphasises India’s position at the forefront of the net-zero revolution. She said, “The country’s economy is growing tremendously, with the International Monetary Fund estimating a growth rate of 6.3 percent by the fiscal year 2025. This growth is mirrored in the increasing power demand, with regularly broken records. India’s power demand is surging, and its dependency on coal is decreasing as renewable energy capacity reaches 178 gigawatts, a significant progress from previous years.”

She added that the importance of capital infusion is seen from three major aspects. First, it is necessary to boost technology advancement, not limited to renewable energy but also storage technologies, electric vehicles, and grid infrastructure. Second, it is vital to boost domestic manufacturing capacities, creating job opportunities and promoting self-reliance. Lastly, capital infusion is crucial for strengthening grid infrastructure and ensuring grid stability, considering the high influx of renewable energy deployments.

Amit Sharma Director at Ernst & Young LLP, emphasises the profound transformation taking place in the energy and power sector globally. He said, “Cutting-edge technologies are reshaping the sector, addressing the challenges of growing energy demand, environmental concerns, and improving technology landscapes. India’s rapidly growing population and expanding economy face challenges in ensuring a reliable, affordable, and sustainable energy supply.”

Furthermore, Amit Mehta , Senior Vice President of Energy Transition at Apraava Energy, discusses the changing global geopolitics and the need for countries to become self-reliant in various sectors, including energy. He said, “India is set to become the third-largest economy by 2030, doubling its GDP. To achieve this growth, it is essential to reduce dependence on fossil fuels, reduce carbon emissions, and enhance energy security. The government’s focus on accelerating renewable energy capacity and electric vehicle adoption aims to achieve these goals.”

Sustainability, collaboration and opportunities

There is a need for sustainable mining and the diversification of critical mineral supply chains in the green energy transition, which is paramount in addressing the pressing environmental challenges of our time. As the world pivots towards cleaner and more sustainable energy sources, the demand for minerals like lithium, cobalt, and rare earth elements has surged, creating a potential bottleneck in the supply chain. Also, there is a need for sustainable mining practices that underscore the importance of minimising the environmental impact of mineral extraction, aligning with the broader goals of the green energy movement.

Emphasis should be on collaboration within the power and energy sector that highlights the need for cross-industry partnerships to drive innovation, improve energy efficiency, and develop cleaner technologies. The energy sector offers a diverse spectrum of opportunities, spanning research and development, manufacturing, business development, and execution. This underscores the sector’s potential to not only combat climate change but also to drive economic growth and job creation.

Saloni Sachdeva highlights the importance of sustainable mining and the need to diversify the supply chain for critical minerals used in green energy transition. She opines, “Circular decarbonisation, recycling, and reusing components and materials in the clean energy development process are essential. There is a need for strategic policy interventions to organise the market for recycling and proper disposal of electronic waste and solar panels. This approach is vital for achieving a circular economy in the energy sector.”

Amit Sharmaa reiterates the importance of collaboration in the power and energy sector. He stated, “There is a need for government entities to shift their mindset from a client-vendor relationship to a collaborative one. The benefits of public-private partnerships and the role of industry partners is essential in solving perennial problems in the sector.”

Amit Mehta emphasised the wide range of opportunities in the energy sector, from research and development to manufacturing, business development, and execution. He said, “The sector is expanding, and professionals from various backgrounds can contribute to its growth. There is a need for competent individuals willing to contribute to this growing sector.”

Milestones and strategies

In the next decade, the Indian energy and power sector stands at a pivotal juncture, with several critical milestones and key areas that demand attention and concerted efforts. One of the foremost priorities is making energy efficiency an integral part of every intervention. As India continues to experience rapid economic growth and urbanisation, the energy demand has surged. To ensure sustainability and reduce the environmental impact, there is an urgent need to focus on reducing energy consumption across various sectors, from industries to transportation and households.

Furthermore, fostering public-private partnerships is imperative for driving innovation and solving sector-specific challenges. Collaborations between government agencies and private enterprises can facilitate the adoption of cutting-edge technologies and solutions, making energy production and distribution more efficient, reliable, and environmentally friendly.

The energy sector in India presents a wide array of opportunities, ranging from research and development to manufacturing, business development, and execution. Investing in renewable energy sources, such as solar and wind power, not only reduces dependence on fossil fuels but also offers substantial job creation prospects. Moreover, the sector’s growth aligns with global sustainability goals, attracting international investments and partnerships.

Saloni believes that achieving the target of 500 gigawatts of renewable energy capacity by 2030 is a significant milestone. She said, “India needs to add approximately 325 gigawatts of capacity in the next seven years, and the government’s plan to add 50 gigawatts in the next five years is a positive step. This growth should not only be limited to solar and wind but also include offshore wind installation and green hydrogen production.”

“Grid modernisation and smart grid technologies will play a crucial role in the energy sector’s development. This will include implementing smart metering technologies to improve billing, collection, and data analysis,” she added. Saloni Sachdeva also emphasises the need for energy efficiency to become an intrinsic part of every intervention, focusing on reducing energy consumption in various sectors.

Amit Sharma highlights the importance of public-private partnerships in driving innovation and solving sector-specific problems. He said, “I believe that the Indian government’s adoption of cost-based models for smart metering is a step in the right direction. Leveraging early success and using data-driven insights to make informed decisions is crucial for the sector’s growth.”

Further, Amit Mehta discusses the wide range of opportunities in the energy sector, from research and development to manufacturing, business development, and execution. He said, “The sector is expanding, and professionals from various backgrounds can contribute to its growth. There is a need for competent individuals willing to contribute to this growing sector.”

To conclude, the Indian energy and power sector is on a transformative journey, focusing on renewable energy, sustainable practices, and technological advancement. Achieving targets in renewable energy capacity, smart grid technologies, energy efficiency, and public-private partnerships will be critical in shaping the sector’s future. Professionals from various backgrounds have opportunities to contribute to this sector’s growth and make a positive impact on India’s energy landscape.

Quotes:

“Government-industry collaboration is vital for transforming the power sector and resolving perennial issues.” Amit Sharma, Director- Ernst & Young LLP

“Boosting domestic manufacturing is crucial for India’s energy self-sufficiency and economic prosperity.” Saloni Sachdeva Michael, Energy Analyst- Institute for Energy Economics and Financial Analysis (IEEFA)

“The energy sector offers diverse opportunities, from R&D to CSR, as India’s economy grows.”Amit Mehta, Senior Vice President- Energy Transition- Apraava Energy