India can double renewable energy capacity: Tarun Kapoor, Advisor to PM
With projections indicating that India will be the world’s third-largest economy by 2030, the country is not only an emerging powerhouse but also a long-term one. India has set a goal of achieving net-zero carbon emissions by 2070 and has made significant progress towards that goal. Clean Energy experts and manufacturers from over 25 countries gathered in the national capital to support India’s ambitious net-zero carbon emission goal at the India Energy Storage Week (IESW) 2023, organised by India Energy Storage Alliance (IESA).
Shri Tarun Kapoor, Advisor to the Prime Minister, PMO India, inaugurated IESW 2023 at Pragati Maidan in New Delhi, emphasising the importance of all sustainability and clean energy stakeholders working together to help India become a world leader in green energy transition.
He stated that the future of energy is entirely dependent on technological advancements and cost-effective storage solutions. Renewable energy currently accounts for 22-23 per cent of installed capacity, and India as a country has the potential to increase this to 50 per cent. However, to go beyond that, and even now, the country must invest in grid storage solutions that use high energy density and safe materials available in India.
He went on to say that the move to electric vehicles, including four-wheelers and two-wheelers, necessitates large-scale storage solutions. India must be self-sufficient and manufacture everything in the country, while also investing in R&D to innovate and develop products that meet the country’s needs and materials. For battery manufacturing, India already has a production-linked incentive (PLI) scheme.
If necessary, another phase of the PLI scheme could be implemented, as well as additional support (for battery manufacturing) in the future.
He stated that manufacturing should come to India and that if it does, prices will undoubtedly fall. It is also necessary to secure minerals and raw materials used in manufacturing, such as lithium.
Eminent dignitaries and clean tech leaders attended the event, including Vivek Bharadwaj, Secretary, Ministry of Mines, Vijayanand Samudrala, President – New Energy, Amararaja Batteries; Stephen Fernands, President, Customized Energy Solutions (CES); Anurag Tiwari, President – Industrial & Supply Chain, SAR Group; Nashid Chowdhury, Investment and Trade Commissioner, Government of Western Australia; Debi Prasad
Dr Rahul Walawalkar, President of IESA, commented on the event, saying that India is strongly committed to a clean energy transition, with a strong emphasis on the growth of e-mobility and renewable energy.
With the Prime Minister’s vision, India has a fantastic opportunity to become a global hub for manufacturing, R&D, and adoption of advanced energy storage, e-mobility, and green hydrogen technology in the coming decades.
According to Vikramaditya Gourineni, Executive Director – New Energy Business, Amara Raja Batteries, Li-ion battery manufacturing is a critical aspect of the energy transition, and India has the potential to become a global leader in this sector.
He believes that with the right policies, investments, and collaborations, it is possible to build a robust Li-ion battery manufacturing ecosystem that will not only support the country’s transition to clean energy but will also create jobs and contribute to the economy.
More than 500 world-class organisations from over 25 countries, including the UK, USA, UAE, Australia, China, Germany, Singapore, France, Italy, Israel, and Sri Lanka, as well as 60+ CXOs from the e-mobility and green hydrogen ecosystems, 100+ start-ups, 50+ women energy leaders, and 8+ ministries, participated in IESW 2023, demonstrating the country’s commitment to sustainable and green solutions.
Rakesh Malhotra, SAR Group, emphasised the significant investment potential in India’s EV and energy storage sectors, saying that the country’s energy storage market is poised to grow exponentially in the coming years, driven by rising demand for electric vehicles and renewable energy integration. As a result, it provides a massive opportunity for investors to participate in the country’s green energy revolution and contribute to its long-term viability.
IESW 2023 also saw the signing of several Memorandums of Understanding (MOUs), including one between IESA and the Singapore Battery Consortium (SBC), another between IESA and The Electronics Sector Skills Council of India (ESSCI), and others.
Following the inaugural session, a series of informative and insightful sessions on advanced battery manufacturing, skill development round table, CXO round table, investment round table, and startup showcase were held.