New Delhi: India has the potential to attract an investment of over $20 billion in renewables in 2023 and requires a strong framework for sustainable power, say industry experts at the renewable energy conference REConIndia 2023 on Friday.
Based on the discussion at REConIndia 2023, a white paper will be prepared on solar power challenges, roadmap to make green hydrogen viable, propelling wind energy and state of green financing in India, a statement said.
Founder and CEO of Blue Circle Siddharth Anand said, “The industry estimates investment in excess of $20 billion in 2023”.
Power and New & Renewable Energy Minister R K Singh in December 2022 also pegged the investment in renewables at around $25 billion in 2023.
Anand also stated that the REConIndia 2023 brought together key decision-makers, thought leaders, and experts from across the industry, creating a platform for collaborative thinking and problem-solving.
Alexander Hogeveen Rutter, Private Sector Specialist, International Solar Alliance, said that with a significant portion of wasteland at its disposal, India has the potential to unlock enormous opportunities by utilising it for setting up solar projects.
The development of floating solar fields is another area of exploration, which presents a unique advantage that the land beneath the panels can be used for farming by farmers who may have given up their land, Rutter added.
A strong framework for the development of solar projects on wasteland can help build a sustainable and self-reliant India, Rutter suggested.
Chairman, Blue Circle and MTaI, Pavan Choudary stated that there is increasing awareness and sensitivity towards sustainability.
Many sectors have started initiating positive changes. For example, the medical equipment sector is taking a lead by planning longer working lives for the chassis of their products and medical disposable manufacturers are exploring the use of bio-degradable materials to reduce the environmental impact of their products,
he added.