As we draw the curtain on 2023, the world stares at the rapid depletion of natural resources and imminent climate changes impacting the ecosystem. Global average temperatures were already inching above pre-industrial levels (+1.8°C), and greenhouse gas emissions reached a new high (57.4 GtCO2e in the previous recorded year). This ongoing phenomenon has brought the world together to phase down fossil fuel usage for a sustainable future.
Over the past year, the nation has witnessed a series of pivotal developments in the energy sector, characterized by strategic collaborations, impactful policy announcements, and the achievement of significant milestones. Substantial progress has been made towards the goal of attaining 500 GW of renewables by 2030, encompassing the production and utilization of green hydrogen and the endorsement of mandatory battery energy storage at renewable projects through the launch of the Viability Gap Fund.
Today, the nation boasts an impressive 179 GW of installed energy derived from renewable sources. These multifaceted developments underscore India’s commitment to a cleaner, more sustainable energy future. Moving into the new year, our grids must evolve to seamlessly integrate large variable amounts of renewables on one end and electrify various sectors on the other.
In 2024, we anticipate a continued surge in demand for solar and wind energy solutions, the electrification of mobility, the prominence of green hydrogen, the development of energy storage, and the establishment of HVDC links. Collaboration, both on national and international levels, will play a crucial role in these key trends and transformative developments, shaping the Indian energy landscape in 2024 to address the escalating energy needs of 1.5 billion people.
Also read: N. Venu, MD & CEO, India And South Asia, Hitachi ABB Power Grids
(N. Venu expressed this view while reviewing developments in 2023 and forecasting trends in 2024.)
