A new study titled Pathways to Atmanirbhar Bharat (“self-reliant India”), released by the U.S. Department of Energy’s Lawrence Berkeley National Laboratory (Berkeley Lab), claims that India's dream of energy independence can be achieved by 2047 through clean technology.
The report was compiled after examination of India’s three most energy-intensive sectors (power, transport, and industry). It found that significant economic, environmental, and energy benefits such as US$2.5 trillion consumer savings through 2047 and reducing fossil fuel import expenditure by 90 per cent resulting in savings of US$240 billion per year by 2047, could be achieved.
“India’s energy infrastructure requires a US$3 trillion investment in the coming decades, and our study finds that prioritizing new energy assets that are cost-effective and clean is crucial for long-term financial sustainability,” Amol Phadke, Berkeley Lab staff scientist, said.
“The case for clean energy has never been stronger. India has achieved the world’s lowest renewable energy prices and has found some of the world’s largest lithium reserves This can propel India towards cost-effective energy independence in a way that is economically and environmentally advantageous,” said Nikit Abhyankar, Berkeley Lab scientist and the lead author of the study.
According to the findings, the energy independence dream can be achieved by installing more than 500 GW of non-fossil electricity generation capacity by 2030, a goal already announced by the government, followed by an 80 per cent clean grid by 2040 and 90 per cent by 2047. Nearly 100% of new vehicle sales could be electric by 2035.
“India’s energy infrastructure requires a US$3 trillion investment in the coming decades, and our study finds that prioritizing new energy assets that are cost-effective and clean is crucial for long-term financial sustainability,” emphasized Phadke.
