Technological Innovation Gaps & Skill Shortages Challenge India To Meet Clean Energy Targets: S&P Report

ENA Sectors 2024-10-08 16:06:58 New Delhi, Oct 8 (KNN) A recent report by S&P suggests that India's clean energy technology capacity is set to increase significantly by 2030, driven by supportive government policies. However, the country may fall short of its green energy targets due to various challenges, including technological innovation gaps and skilled labour shortages. The Indian government has established an ambitious goal of achieving 50 percent of its cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. To support this objective, policymakers have implemented a range of measures to boost domestic manufacturing in the renewable energy sector. According to S&P Global Commodity Insights, India's clean energy capacity is expected to grow substantially by the end of the decade. Projections indicate that the country will reach 107 GW in photovoltaic (PV) modules, 20 GW in wind nacelles, 69 GWh in battery cells, and 8 gigawatts equivalent (GWe) in electrolysers. This growth is anticipated to enable India to achieve full self-sufficiency in solar PV and wind technologies, as well as over 90 percent self-sufficiency in battery cell production. The government has introduced various policy measures to support local manufacturing, including tariffs on imported goods such as basic customs duties and goods and services tax. Additionally, approved manufacturer and model lists have been established, along with direct incentives like the Production Linked Incentive (PLI) scheme to promote domestic production and innovation within the sector. Despite these positive developments, India faces significant obstacles in realising its ambitious renewable energy installation targets. The solar PV sector, for instance, struggles to meet its polysilicon and wafer production goals, which hampers its overall competitiveness. The wind energy sector also faces challenges, as India's wind turbine product mix requires alignment with global standards for export potential, and the nascent offshore wind sector demands further investments. Indra Mukherjee of S&P Global Commodity Insights notes that while manufacturing capacity is growing, inadequate infrastructure and inconsistent policy enforcement may impede progress toward India's clean energy goals by 2030. The report emphasises that addressing these challenges will be crucial for India to fully capitalise on its renewable energy potential and meet its green energy targets in the coming years. (KNN Bureau) 39531 https://knnindia.co.in/news/newsdetails/sectors/technological-innovation-gaps-skill-shortages-challenge-india-to-meet-clean-energy-targets-sp-report 2024-10-08 16:06:58 knnindia.co.in Technological Innovation Gaps & Skill Shortages Challenge India To Meet Clean Energy Targets: S&P Report