As global temperatures rise and natural catastrophes become more common, the need to transition to green energy has become a top priority for countries around the world, including India. To achieve this, India is investing heavily in harnessing energy from the wind.
As a renewable, non-polluting and clean source of energy, India’s current installed capacity of wind energy is 42,633 MW and accounts for 34.06 percent of total capacity of clean energy. The International Energy Agency (IEA) and International Renewable Energy Agency (IRENA) have projected a minimum threshold of 2,000 GW of offshore wind capacity globally by mid-century to meet the 1.5 degree target for limiting the Earth's rise in temperature
The Indian government recently announced its plans to launch the country's first tender for setting up offshore wind energy, which would provide for Viability Gap Funding (VGF) to help ensure the cost element is addressed. The wind energy sector is being seen as a robust technology solution for clean and affordable power.
Over the next seven years, the country plans to add 58 GW of wind energy capacity at an investment of over Rs. 4 lakh crores to take the installed capacity of onshore wind energy to 100 GW as part of the Government's plan to create 500 GW of non-fossil fuel based installed capacity by 2030. The Ministry will also float a tender for seabed licensing to set up 4 GW of India's first offshore wind energy off Tamil Nadu coast before the end of 2023.
A recent study by Global Energy Monitor, states that India has the potential to save up to $19.5 billion annually by 2025 and prevent the use of nearly 78 million tonnes of coal per year. As India is a low-to-moderate wind speed market, specialised Wind Turbine Generator (WTG) technology advancements like higher-capacity WTGs, taller towers to tap wind at high speeds, and larger turbines with robust structures are required.
By active public and private participation, the need of the hour is to reduce the costs for offshore wind projects. This, coupled with financing mechanisms and robust supply chain, can hold the key for making wind energy the preferred green energy choice.
Image by Rabih Shasha