India's push for coal phase-out necessitates the adoption of effective storage technologies, as it plans to increase its coal capacity by a colossal 56 gigawatts over the next eight years.
India, aiming to boost its economic growth, is navigating a delicate balance between coal and renewable energy sources. This balancing act is a response to various global and domestic factors, as revealed by Energy Minister Raj Kumar Singh.
The resurgence of coal in India can be attributed to the reduction in Russian gas supplies due to the invasion of Ukraine. Consequently, the demand for coal has significantly increased globally, driving up prices. The coal price rally began before the Ukraine war, as people turned to coal as an alternative to expensive gas and rising oil prices.
Despite this, India is not compromising on its growth. Minister Singh has stated that India will import coal if necessary to bridge any domestic supply gaps, ensuring that the country meets its rising energy demands. In fact, India is planning a massive expansion of its coal-firing capacity over the next eight years, increasing it by about a quarter. This expansion will see India import approximately 250 million tons of coal annually.
However, India is not solely relying on coal. Minister Singh has announced that his ministry is pursuing the goal of achieving a capacity of 500 gigawatts of clean energy by 2030, as stated by Prime Minister Narendra Modi last year. To achieve this, India aims to nearly double its power generation capacity from all sources to 820 gigawatts by 2030.
Singh has suggested that innovations in energy storage technology could be the stepping stone away from fossil fuels and towards renewables. His ministry will actively seek investments that combine wind and solar energy with storage, aiming to provide cheaper energy storage solutions. Singh emphasized the need for such solutions to convert renewable energy into clean power around the clock in India.
India's commitment to renewable energy is further evident in its aim for net-zero electricity generation by 2070. However, Singh has criticized industrial nations for not investing enough in storage technologies and other solutions for decarbonization. He expressed concern over China's control over the majority of global lithium reserves and China's dominance over the crucial battery metal.
The demand for coal has increased in India this summer due to record temperatures, leading to the delay of the closure of older coal plants and increased production. Yet, Singh noted that the need for fossil fuels will disappear faster with the development of promising technologies for grid storage.
In conclusion, India is navigating a delicate balance between coal and renewable energy sources. While it continues to rely on coal to meet rising demand until energy storage costs decrease, it is also making large investments in renewable energy and pursuing the goal of achieving a significant capacity of clean energy. This balancing act is a testament to India's commitment to sustainable growth and its pursuit of a greener future.
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