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August 16, 2009

Financial Constraints Could Derail India’s Ambitious Solar Energy Plans

Posted by : admin
Filed under : Enviornment News

commercial-scale solar power plant

Lack of foreign investments owing to the global financial crisis and its own negotiating stance at climate talks could throw back India’s schedule to implement plans of setting up large scale solar energy projects.

India is looking to invest billions of dollars in setting to large scale solar and wind energy projects. These projects are essential for meeting the growing power demands and also for countering any demands from the developed countries to reduce carbon emissions.

India currently generates only 3 percent or 12,000 MW of its electricity from renewable sources, mostly comprising of wind energy while solar energy contributes only 2 MW. The government recently announced ambitious plan to boost electricity generation from solar energy to 20,000 MW by 2030.

Tapping solar energy is essential for India as it’s power plants are in short supplies of coal. Thus for various reasons ranging from energy security and international pressures to reduce its carbon emissions to environmental problems related to conventional energy sources, India has announced these massive plans to expand its solar energy infrastructure.

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