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Everyone in today’s world is talking about sustainability, i.e., (meeting today’s needs without compromising future needs). We need to make the world a better place to live and must carry forward the principle of protecting our mother planet. Even the government’s support to promote EV vehicles to emit no carbon would be a great replacement for traditional internal combustion engines, right? And it adds more value to environmental protection, right? Actually, the answer is no. Even though EVs don’t emit emissions directly, still 60% of the electricity used for charging EV batteries comes from traditional coal-based power plants, and even the lithium used in the batteries comes from harmful mining procedures. So what can be the best approach? The simple answer is renewable energy.
First, understand what renewable energy is. In simple words, renewable energy comes from nature and will never finish. Examples are solar energy, wind energy, etc. Even the government has set a goal for the nation to achieve 500 GW of electricity from renewable energy sources, of which 100 GW has to come from solar energy.
Key characteristics of renewable energy:
Key characteristics of renewable energy:
They are unlimited and freely available in nature.
They are eco-friendly; they don’t emit or emit lesser harmful gases.
They are useful for long and sustainable growth.
Why renewable energy is the need of the hour? Till now, almost 60–70% of total energy is coming from traditional non-renewable sources of energy. They contribute almost 90% of carbon dioxide emissions and directly contribute to global warming. According to reports, 2023 was considered the hottest year till date, and if global warming continues to rise, it will directly lead to food security and water scarcity problems and directly impact GDP, as the agriculture sector contributes almost 16–17% of total GDP. Harmful gases coming from non-renewable energy sources like sulfur dioxide and nitrogen oxide lead to many hazardous health problems, including asthma, lung cancer, and heart disease.
Government initiatives for supporting renewable energy sources:
Government initiatives for supporting renewable energy sources:
Through CAFE norms, the government is putting restrictions on internal combustion engines, limiting carbon emissions and forcing manufacturers to produce engines of higher efficiency.
Incentives and exemption in electricity bills for customers who install solar panels.
Developed nations play a major role in combating climate change. According to COP meetings and the Paris Agreement, developed countries are expected to provide financial and technological support to developing nations. This compensation is critical for countries like India to invest in renewable energy, electric vehicles, and sustainable infrastructure. Without such support, achieving global climate targets and reducing carbon footprints would be extremely difficult, highlighting the importance of global cooperation and climate justice.
Business opportunities:
Business opportunities:
India’s target of achieving 500 GW renewable energy by 2030 opens massive business opportunities across multiple sectors. First, there is huge demand for solar panel manufacturing, installation, and maintenance, as solar energy will contribute the largest share. Companies can start businesses in rooftop solar installation for homes, industries, and commercial buildings. Second, wind energy projects require equipment manufacturing, site development, and technical services, creating opportunities for engineering and infrastructure firms.
Overall, it has huge scope and it is the need of the hour. It’s like now or never. The government has taken initiative, and as responsible citizens, we have to be more cautious and support the policy as much as we can.
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