India has shown its commitment to green energy, as Prime Minister Narendra Modi has announced that the country will achieve net zero emissions by 2070. PM Modi has also announced that India will be meeting half of its energy requirements from renewable sources by 2030.
Given a strong government push in this direction, the power sector is taking many steps to shape the future of sustainable energy in India. For example, Adani Group has already taken initiatives in the field of sustainable energy.
One of its companies, Adani Green Energy, commissioned solar capacity to the tune of 2,000 MW at a solar park in Gujarat. Adani Green Energy has become the first company in the country with more than 10,000 MW of renewable energy capacity.
Moreover, Adani Group has committed USD 100 billion worth of investments for green transition and transport by 2030. Under this initiative, the conglomerate will build an integrated green hydrogen ecosystem, which will expand the portfolio of Adani renewables to 50 GW.
Moreover, five companies within the group, including Ambuja, ACC, Adani Green Energy, Adani Ports, and Adani Energy Solutions, are aiming to achieve net zero by 2050.
Many other companies in the power sector are making efforts towards the adoption of green energy. For example, Coal India, which is the largest producer of coal in the world, is aiming to become a net-zero energy company. Hence, it is setting up 3,000 MW solar power projects, with an objective to offset the current fossil fuel-based power requirements.
Tata Power, one of the most prominent names in the power sector, generated 22% of power from clean and green sources, as disclosed in its Annual Report for FY 2023-24. Around 40% of the company’s installed capacity comes from clean and green sources.
Tata Power’s clean and green energy portfolio is expected to reach 15 GW in the next five years. This shows the company’s commitment to sustained energy.
While companies in the power sector have genuinely made efforts towards sustained energy, the government has played a pivotal role by providing a policy direction for faster adoption of green energy.
The Central Government has announced several initiatives to increase the share of green energy in overall energy consumption in India. These initiatives include the Green Energy Corridor-Inter-State Transmission System for 13 GW RE Projects in Ladakh, the PLI Scheme for High-Efficiency Solar PV Modules, the National Green Hydrogen Mission, and many more.
While many states have tried to adopt green energy, certain states have done exceedingly well on this parameter, including Karnataka, Punjab, Tamil Nadu, Gujarat, Andhra Pradesh, Rajasthan, Telangana, Maharashtra, Madhya Pradesh, and Kerala.
As green energy expands its footprint in India, skilled workforce will be required for this sector as well. Based on a report prepared by CEEW-NRDC and Skill Council called “India’s Expanding Clean Energy Workforce,” 52,700 new workers were provided jobs in project development roles in solar and wind energy sectors in FY 2021-22. This number was eight times more than the comparable number for FY 2020-21.
This clearly shows that green or sustainable energy is growing at a high rate in India, thanks to the efforts of the Central Government, many State Governments, and Public Sector and Private Sector companies.
Adani group stocks has grabbed significant eyeballs in the last few years. Adani enterprises, Adani green energy, and Adani power share price have seen considerable movement and significant volumes in the recent years.
Conclusion
As India is aiming to become a developed economy, the demand for energy is going to increase at a high rate. It is in this context that we should appreciate the efforts made by the government and companies to push for the adoption of green energy in the country. Green energy is an exciting sector for all kinds of investors. Whether you are a seasoned investor or maybe looking to open a demat account, you should track the share prices of companies in this sector.
