Abstract

India has committed itself to significantly reduce the GHG emissions through solar energy driven energy generation by 2030. It is identified as the critical ingredient for the resulting de-carbonization & industrial sustainability in India Developments during COP26, COP27 & COP28 Climate summits placed tremendous spotlights on the urgent need for the world to accelerate the pace of global renewable energy generation capacities and thereby achieve the monumental task of net-zero emissions by 2050 or so. India's commitment in Glasgow meet (COP26) towards achieving the net-zero emissions in the country by 2070 has gained renewed significance. Solar energy is globally considered to be the top contributor towards this end and has been aptly brought out in the Energy Vision 2030 framework of India. India's solar installed capacity has undergone a remarkable transformation over the past five years, witnessing a staggering growth of nearly 225% - surging from 21,651 MW to an impressive 70,096 MW in 2023 . India has confidently initiated gigantic solar projects especially in Rajasthan, Gujarat, Tamil Nadu, Andhra, Karnataka, etc. to achieve the ambitious objective. The Ultra Mega Solar projects like Bhadla Solar Park in Rajasthan and Pavagada Solar Park in Karnataka have led to successful green energy story in India. To facilitate sustainable, efficient & green energy ecosystem for Indian Industries, an additional reformative surge into green energy/climate finance needs to be garnered through the Central/State Govt. support mechanism as well as private sector-backed PE’s along with upcoming global climate finance institutions. The proposed Electricity (Amendment) Bill, 2018 and 20 would play a definitive role in India’s clean energy goals. The paper analyses India’s per capita energy consumption rise in recent years and its mitigation through solar energy driven transition, keeping in view the long-term Net Zero Goals too.

Keywords