A recent study by the US Department of Energy’s Lawrence Berkeley National Laboratory suggests that India can achieve energy independence by 2047, coinciding with the country’s 100 years of independence celebration. The report, titled “Pathways to Atma Nirbhar Bharat,” also highlights the need for a $3 trillion investment in India’s energy infrastructure over the coming decades.
The study proposes that prioritizing new energy assets that are cost-effective and clean is crucial for long-term financial sustainability.
The benefits of achieving energy independence for India would be significant, including consumer savings of $2.5 trillion through 2047, reducing fossil fuel import expenditure by 90%, enhancing India’s industrial competitiveness globally, and enabling its net-zero commitment ahead of schedule. According to the study, achieving energy independence would involve installing more than 500 GW of non-fossil electricity generation capacity by 2030, followed by an 80% clean grid by 2040 and 90% by 2047.
The study suggests that nearly 100% of new vehicle sales in India could be electric by 2035. Heavy industrial production could shift primarily to green hydrogen and electrification, and most of the lithium needed for manufacturing new electric vehicles and grid-scale battery storage systems could be produced domestically using newly discovered reserves. The Indian industry must transition to clean technologies such as electric vehicles and green steel manufacturing, given India’s position as one of the world’s largest auto and steel exporters.
India currently imports 90% of the oil it needs, 80% of the industrial coal, and 40% of the natural gas, making it the third-largest energy consumer in the world. Volatility in the global energy markets has led to price and supply fluctuations, straining India’s foreign exchange reserves and resulting in economy-wide inflation.
A recent study has revealed that India has a unique opportunity to make significant progress towards a clean energy future. This is because a majority of its energy infrastructure is yet to be built, presenting an ideal scenario to leapfrog to cleaner energy sources. The report also points out that India has already achieved the world’s lowest renewable energy prices and has discovered some of the largest lithium reserves globally. These factors provide a significant advantage towards achieving cost-effective energy independence.
The authors of the report have recommended that India should utilize its existing policy framework to expand the deployment of clean energy technologies. This can be done strategically to ensure a just transition and to take advantage of the available time before the infrastructure is built. The report notes that this transition runway will provide sufficient time to scale up clean technologies and make long-term plans for the transition.
In summary, the study highlights the potential for India to lead the way in clean energy adoption by leveraging its unique position of having yet to build most of its energy infrastructure. By taking advantage of its low renewable energy prices and significant lithium reserves, and deploying clean technologies strategically, India can make a just transition to a cleaner energy future.
In conclusion, achieving energy independence would bring significant economic, environmental, and energy benefits for India. The study’s proposals, including prioritizing new energy assets that are cost-effective and clean, transitioning to electric vehicles and green steel manufacturing, and investing in non-fossil electricity generation capacity, are crucial steps towards achieving energy independence.
