Friday, 13 February 2009

India's Alternative Energy Future

Even in these times of global financial recession, India is projected to show growth. In the coming years, India's appetite for energy will increase considerably as demand will rise because of India's economic progress.

India's current energy sources are mainly dependent on fossil fuels. India's National Thermal Power Corporation Ltd (NTPC), which is responsible for the thermal power, most of it through coal fired plants, generated in India, is among the world's largest electricity corporations. It is also among the most polluting. India is already a signatory to the Kyoto Protocol and while it does not have to reduce its greenhouse gas emissions because of its status as a developing country, there is still considerable international and national pressure on India to curb its emissions. Under these circumstances, it is deemed prudent for India to look at sources other than fossil fuels for fulfilling energy needs.

Alternative energy is a viable alternative in order to satisfy India's energy woes. India is the only country in the world with a separate Ministry of New and Renewable Energy. Today, India is ranked fourth globally for installed wind capacity and second for biogas generation. India is ranked as the third most attractive country to invest in renewable energy, after the U.S. and Germany, in the 2008 Ernst and Young Country Attractiveness Indices.

Moreover the first National Climate Action Plan which was released by the Govt. of India in mid-2008, emphasizes the use and development of renewable energy sources such as solar cells. The future of alternative energy is thus bright in India and this field is ripe for investment and growth.

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