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India's RE sector poised for $250 bn Investment Surge: EY-CII Report
Industry News- Oct 23,23
The report, titled ‘Global champions for advancing renewable energy innovation and manufacturing,’ emphasises India's trajectory toward becoming a dominant force in global renewable energy manufacturing.
India is on the cusp of a significant transformation in its renewable energy sector, with a projected influx of over $250 billion in investments, according to a report released jointly by EY and CII. The report, titled ‘Global champions for advancing renewable energy innovation and manufacturing,’ emphasises India's trajectory toward becoming a dominant force in global renewable energy manufacturing.
The report highlights key findings, indicating that solar PV manufacturing projects in India, including those announced, under permitting, and under construction, could amass around $15.5 billion. Additionally, India's advancements in advanced chemistry cell battery manufacturing may attract investments of approximately $2.7 billion.
One of the report's key insights underscores India's strategy to strengthen global supply-chain resilience for renewable energy technologies and vital components. It emphasises the importance of careful planning for large-scale investments and procurement of essential raw materials. These efforts will enable Indian entities to establish world-class electrolyzer manufacturing bases.
According to Somesh Kumar, Partner and Leader – Power & Utilities, EY India, "India's transition to renewable energy signifies a transformative shift in our energy dynamics and offers a unique opportunity to lead global innovation and manufacturing." Kumar further highlighted that by enhancing domestic manufacturing, India aims to reduce import dependency, reinforce supply chain resilience, and enhance global accessibility to renewable energy technologies.
However, despite India's ambitious position as a global leader in renewable energy services, innovation, and manufacturing, there are persistent challenges outlined in the report. These challenges include concerns about affordability, domestic value addition, maintaining policy consistency, and the development of adequate infrastructure.
The study also sheds light on crucial policy mechanisms that can catalyze India's transition into a renewable energy powerhouse. These mechanisms include the uniform adoption of green energy open access rules, ensuring long-term stability in open access charges, and strict adherence to Renewable Purchase Obligations (RPO) and Energy Storage Obligations (ESO).
Source: ET Energy world
India
Renewable Energy
Investment Surge
EY-CII Report
Solar PV Manufacturing
Advanced Chemistry Cell Battery
Supply-Chain Resilience
Policy Mechanisms
Somesh Kumar
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