The research states that the involvement of state governments would be crucial in the successful adoption and implementation of policies enabling the competitiveness of the energy transition as well as ease of doing business. According to a joint report by EY and FICCI, the capital investment needed to complete the pipeline of renewable energy projects in India would be over 4 lakh crore. The report stated that there are approximately 103 GW of utility-scale and 11 GW of distributed renewable power generation projects in the pipeline with the potential to produce 8 lakh and 96,500 new jobs, respectively. It was noted that India added over 15 GW of renewable power generation capacity in FY22.Over the course of their lives, the projects would be able to prevent 4.35 billion tonne of carbon dioxide emissions, according to the statement.
According to the paper titled “Accelerating India’s Clean Energy Transition,” “India’s Energy Transition is Gaining Momentum Post-Covid with Strong Support from Policy Enablers Focused on Improving Ease of Doing Business, Competitiveness, and Self-Reliant Supply Chains.” The research states that the involvement of state governments would be crucial in the successful adoption and implementation of policies enabling the competitiveness of the energy transition as well as ease of doing business. Accelerating energy transition investments, it said, requires thorough planning at the state level and anticipated growth in demand for sustainable energy sources. Long-term resistance against such factors can be increased by developing vertically integrated domestic supply chains. “India’s energy transformation may expose fossil fuel industries, communities, and employees to muted or declining demand for fossil fuel commodities in the long run,” Somesh Kumar, partner for power and utilities at EY India, warned. To ensure that communities dependent on fossil fuels are not left behind, it is crucial to comprehend and handle the social aspects of the energy transition.
“A “just” transition is one that takes steps to alleviate any potential inequalities in the economic and social outcomes of the inevitable shift. The importance of including these social factors in policy frameworks that handle the dangers and opportunities associated with the energy transition is becoming more widely acknowledged, according to Kumar. A research titled “Accelerating India’s Clean Energy Transition” states that around 103 GW of utility-scale and 11 GW of distributed renewable power generation projects are currently planned for India. The ability to avert 4,350 MT of CO2 emissions throughout the course of their lifetime is stated as follows: “Total renewable power production projects in the pipeline would need roughly Rs 4 lakh crore of capital expenditure. “According to the research, 8,96,500 new jobs will be created as a result of the implementation of these initiatives. Somesh Kumar, Partner and National Leader, Power and Utilities at EY India, stated that long-term demand for commodities derived from fossil fuels may be muted or dropping as a result of India’s energy revolution.
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