India is at a critical juncture in its energy transition journey, grappling with the dual challenge of meeting its energy security needs while striving to enhance the integration of renewable energy sources. The country's reliance on oil and coal is deeply entrenched, but a phased and strategic approach is essential with pressing climate commitments and a rapidly increasing energy demand.
Let us explore the country's current scenario and future prospects for energy security. We will draw insights from industry experts and examine emerging trends within the sector.
Key challenges
India faces several key challenges in balancing its reliance on oil and coal with the need for increased renewable energy integration. A significant portion of the country's energy infrastructure is built around fossil fuels, making it difficult to transition rapidly to renewables without substantial investment. Also, intermittent renewable sources like solar and wind require robust grid management and storage solutions, which are still underdeveloped in many regions. Additionally, the economic implications of phasing out coal, particularly for communities reliant on coal mining, pose social and political challenges. Moreover, India's energy demand is rapidly increasing due to urbanisation and industrialisation, complicating the transition. Above all, securing financing for large-scale renewable projects remains a hurdle, especially in global economic uncertainties. Balancing these factors while ensuring energy security and sustainability is crucial for the future of energy in India.
This story is from the November 2024 edition of EPR Magazine (Electrical & Power Review).
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This story is from the November 2024 edition of EPR Magazine (Electrical & Power Review).
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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