Renewables presents a “huge opportunity” for India to lead the world in the global energy transformation.
That’s the view of Sir David King, the UK Foreign Secretary’s Special Representative for Climate Change.
Speaking at the launch of a report in the Indian city of New Delhi yesterday, he said the sheer size of the market means the country could become the new manufacturing hub for the renewables sector.
He stressed solar could be the “game changer” as India has already seen a huge fall in prices – from around Rs 17 per kWh in 2010 to Rs 4.6 per kWh at the end of last year.
“This is making solar ever more competitive with conventional forms of power, and the rest of the world is watching. Innovation and price reduction happen when the market is there – and the market is here in India,” he added.
Sir David believes the Indian Government’s vision for renewables is “clear and impressive”, which includes an ambitious 175GW target for 2022.
He said: “The tone of the report is one of optimism, without complacency… One of the most interesting recommendations in the report is that the government should focus on building market foundations for sustained growth as opposed to driving policy only through subsidy. This is an important issue and one we have grappled with in the UK.”
He said the UK is committed to helping make India’s vision for renewable energy a reality.
A new from the International Renewable Energy Agency found doubling the share of green energy in the global power mix could help save up to $4.2 trillion (£2.9tn) every year by 2030.