Role of renewable energy investment in India: An alternative to CO2 mitigation

This paper discusses the potential of renewable energy, investment and CO2 mitigation by renewable energy technologies. Currently, India's per-capita emissions are around one tonne of CO2/year. The present energy scene offers India a window of opportunity to invest in renewable energy. The annual turnover of renewable energy industry has reached $12.3 billion in 2011, which is 36% higher than 2010 investment of $7.5 billion. Increasing the share of renewable energy in overall energy mix is an effective option to mitigate CO2 emission. Presently, the share of renewable energy is around 12% in the energy mix. The present study estimated CO2 mitigation potential of Indian renewable energy sector about 203 million tonnes with an installed capacity of 24 GW in 2012. However, enormous potential identified in renewable energy sector with favorable CO2 mitigation the government is compromising with limited financial resources. However, policy efforts need to be strengthened to encourage a massive scale-up of renewable technologies to build sustained low carbon economy.