Explain the need for diversification of the energy basket in India. Identify the associated challenges in this regard.
Energy consumption has a strong association with Human Development Index. Also, it powers the economy and most essential requirement for industrialization. It helps in achieving a higher standard of living.
Need for energy diversification:
- India is a net importer of oil and gas. Most of them come from West Asia which is a conflict-ridden world. Thus there is a need to diversify our partners.
- More than 60% of power generation from coal plants, which is a major contributor to carbon emissions. So there is a need to increase the share of renewable energy.
- Excessive reliance on foreign sources makes us vulnerable to exchange rate variations.
- New sources of energy are coming up like poly metallic nodules which will reduce reliance on others’ needs to be used.
- Research and development
- New energy sources like shale gas have their sufficient deposits in India, but India does not have the technology to extract it in an efficient manner.
- Poly metallic nodules can solve our problem and energy requirement for the next 100 years. But we do not have the finances to explore them.
- Renewable energy
- Lack of domestic manufacturing capabilities.
- Reliance on imports from China.
- Unreliable nature of renewable energy.
- People are reluctant to adopt these technologies.
- e-vehicle adoption
- Lack of charging infrastructure.
- Electricity consumption and associated delays.
India’s plan to achieve 50% renewable energy goal to ensure sustainability requires greater government commitment, people’s participation, and engagement of all stakeholders towards a more energy-efficient future.