In Short : The mantra at COP28 resonates with the belief that solar energy can deliver sustainable solutions. This likely emphasizes the potential of solar power in addressing climate change, promoting renewable energy adoption, and advancing global efforts to achieve environmental goals discussed at the conference.
In Detail : How Indian solar manufacturing can contribute.
118 governments have committed to triple renewables and double the rate of energy efficiency improvements by 2030 at the COP28 summit that is presently being held at Dubai. This means that every year, at least 1000GW of renewable energy installations have to be added per year (globally) and global average rate of energy efficiency improvements will have to double from 2% to 4% until 2030.
This situation might prima facie seem scary, but for Indian solar manufacturers, it is highly optimistic. India shows tremendous growth as it multiplied its solar capacity by almost 35 times in the last decade and targets adding about 50 GW every year.
The pace of solar energy development in India is especially remarkable, given the nation’s constant determination to significantly augment its renewable energy capacity. Reports indicate that solar power constitutes approximately 51% of India’s overall renewable energy capacity, which marked a remarkable CAGR of 29% from 2012 to 2022. With dedicated policies, strategies, and ambitious targets, the Indian government has driving the country’s prominence on the international solar energy platform.
India is galloping when it comes to investing in renewables sector and encouraging manufacturing solar components & technologies within the country. The Government has launched incentive programmes & schemes that aim at boosting domestic manufacturing of solar modules and other components crucial for solar projects.
The country aims of achieving 50% contribution of renewable energy towards its total energy requirements and adding instalment capacity of 300GW from solar by 2030. While, India’s current solar PV module manufacturing capacity stands at 28 GW a year.
Supporting these national targets, Grew will contribute to this with annual module manufacturing capacity of 6GW by March 25. In the second year of our establishment we started operations at our 1.2GW PV module manufacturing unit at Jaipur, Rajasthan, in October, and are working towards adding another 1.6GW at the same facility. Parallel to this, we also plan to set up a 2.8 GW of manufacturing plant for solar cells, ingots and wafers. This is the entire plan of Grew on the manufacturing front, completion of which is expected around March 2025 with capex aggregating INR 6000cr.
While India is working towards building an entire ecosystem to support solar manufacturing, we emerging solar manufacturers, aim to be among the top three and eventually reliable exports of the country.
