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India Can Add 420 GW of Clean Power Switching from Coal Energy, Reaching $368 billion Savings by 2030

India ranks in the top 7 nations worldwide in terms of renewable power according to data in the Global Wind Power Tracker and Global Solar Power Tracker report.


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JSB Market Research

15 days ago | 1 min read

India ranks in the top 7 nations worldwide in terms of renewable power according to data in the Global Wind Power Tracker and Global Solar Power Tracker report. But the country can avoid about 32 GW in coal power plant capacity or the annual use of 78 million tons of coal, much more than India has ever added since 2018.

The report pointed out that if the country switches to clean power than coal, then by 2030, it can add 420 GW of wind and solar power. Thus, avoiding coal power can increase savings yearly beyond $58 billion, and the savings figure to touch $368 billion in this duration. If India brings forth its utility-scale wind and solar projects as planned, it can cost $51 billion roughly.

However, with annual savings of US$19.5 billion in direct fuel costs, the nation can complete the payment in a matter of two and a half years. The Global Wind Power Tracker examines utility-scale power and has an account of 21,182 wind farms across 149 countries generating 728 GW, and has details of 5,564 prospective projects, accumulating 1,215 GW.

The utility-scale solar power makes up 35% of the solar capacity globally and the rest of the 65% comes from commercial and residential installations. The project manager of Global Wind Power Tracker, Shradhey Prasad said that the country switching to clean power from coal can slash emissions and save money to meet the target of net zero emissions by 2070.

The cost of wind and solar power will fall and is a better option given the volatile fossil fuel prices, assisting in building new energy infrastructure. India is placed in the 17th position globally concerning its capacity for wind power, trailing behind China, the United States, and Australia.

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