New report – released by the Institute for Energy Economics and Financial Analysis (IEEFA) and Indian energy analysis firm, Equatorials – states the Indian Government is on track to achieve its goals of doubling domestic coal production, modernising the electricity grid and installing 175 GW of renewable energy, underpinning sustained economic growth in India of 6-8% pa.
The installation of 175 GW of renewable energy – equivalent to three times the electricity capacity of Australia - is one of a number of key policy initiatives that will enable the rapid transformation.
India is replicating Germany’s and China’s systematic electricity sector transformation, with the added advantage that the cost effectiveness of this is accentuated by the fact that the price of solar electricity has dropped by 80% in 5 years.
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