India’s green boom is a test of the private sector’s ability to marshal resources—and also of the government’s ability to overcome vested interests
about the climate a crucial question is how emerging economies, which accounted for 67% of carbon-dioxide emissions from energy last year, can shift to a cleaner approach. They derive a third of their primary energy from coal, and must meet the aspirations of poor citizens who lack cheap electricity.
India has immense energy needs. It is forecast to be one of the fastest-growing big economies this decade and will need to add capacity equivalent to the size of the European Union’s power system by 2040. After a flirtation with hydro in the 1950s and 1960s it came to rely heavily on coal, which met 58% of its primary-energy needs in 2021. Like many governments, India’s has committed to reaching net-zero emissions .
Behind the boom are a number of forces. One is the country’s underlying attributes: sun-drenched India has some of the cheapest solar power in the world, and the life-cycle cost of new plants is lower than for coal ones. The government has helped by introducing guarantee mechanisms so that firms forced to deal with rickety power distributors can still secure funding.
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