Fostering Sustainable Growth: Approaches to Establish India as a Global Centre for Solar Panel Production in the Renewable Energy Revolution

Abstract

The Paper highlights the rapid evolution of Renewable Energy Technologies – particularly Solar Energy – simultaneously underscoring the obsolescence of carbon-dependent energy generation and the need for sustainable alternatives. Worldwide for the last decade plus, Solar Energy has emerged as the leading alternative to Fossil Fuels, contributing significantly towards reducing the Greenhouse Gas emissions; thus, addressing the ever-increasing global energy demands, as also the climate change concerns.

Use of Renewable Energy (RE) is critical in achieving overall economic and human development goals. The UN’s SDG 7 assures worldwide access to clean and affordable energy by 2030. World Economic Forum projects 20% annual growth for Solar Energy and replacing fossil fuels by 2050. Since 2009 cost of Solar and Wind Energy has drastically reduced by 78% and 58% respectively, driving further growth and fuelling ever increasing levels of investments and expansions in the RE Sector. 

Current geopolitical landscape, especially influenced by Ukraine-Russia Conflict, the consequent uncertainty of non-RE Supply Chains in Europe, and further complications due to President Trump Administration led Tariff Regimes, presents greater challenges and corresponding opportunities for RE growth.

In developing countries like India, continued Policy Support and Financial Mobilization are essential.  Despite significant advancements, global progress in sustainable energy sector is insufficient, with significant disparities in access persisting. 

To position India as a Global Leader in Solar Energy within five years, the paper calls for leveraging available technology and raw materials. By addressing funding gaps and focusing on policy support, India can enhance its RE capacity, contributing significantly to global climate action efforts and energy security. The paper underscores the potential for substantial growth in the RE Sector, as globally the nations’ race to meet SDG targets, thus highlighting the critical role of Solar Energy in this transition.

The paper also discusses the role of Carbon Trading in promoting RE investments and how Renewable Energy Certificates (RECs) serve as market-based instruments certifying clean energy production.