India records world-beating green energy growth

[Abingdonboy]

India's transformation into a cleantech powerhouse moved up a gear in 2011 when it racked up investments of $10.3bn in the sector, a growth rate of 52 per cent year on year that dwarfed the rest of the world's significant economies.

Solar investments led the growth with a seven-fold increase in funding, from $0.6bn in 2010 to $4.2bn in 2011, just below the $4.6bn invested in wind during the year, according to figures released yesterday by analysts Bloomberg New Energy Finance (BNEF).

A record 2,827MW of wind energy capacity was added in 2011, which kept India third behind China and the US in terms of new installations. BNEF said a further 2,500MW to 3,200MW could be added in 2012.

Grid-connected solar also saw a substantial increase, up from 18MW in 2010 to an estimated 277MW by the end of 2011, while another 500MW to 750MW of solar projects could be added in the coming year.

Asset financing for utility-scale projects remains the main type of clean energy investment in India, with $9.5bn in 2011, BNEF said. Venture capital and private equity investment made a strong comeback with $425m invested in 2011, more than four times the 2010 figure, but equity raising via the public markets was only $201m compared with a record $735m in 2010, when the Indian stock market was at its all-time high.

"There was concern at the beginning of last year that increasing lending rates might hit investment," said Ashish Sethia, head of India research at BNEF, in a statement. "The surge in installation of renewable energy shows it is becoming cost competitive and scalable."

BNEF expects India to exceed the target of adding 12.4GW of grid-connected renewable energy during its 11th five-year plan, running from April 2007 to March 2012, and is likely to bring 14.2GW of capacity online.

However, Sethia said that if the targets are to be met, the country needs to improve the grid to handle increasing amounts of renewable energy, as well as ensuring renewable purchase obligations are enforced and project developers are paid on time for the power they produce.

But India still has significant scope for growth as it only accounts for four per cent of global investment in clean energy.

"India's record performance in 2011, and the momentum it is carrying into 2012, is one of the bright spots in the clean energy firmament," concluded BNEF chief executive Michael Liebreich.

"With support mechanisms falling away in the US, the ongoing financial crisis in Europe and China already going flat out, it is gratifying to see some of the world's other major potential markets coming alive."

India records world-beating green energy growth | Environment | guardian.co.uk

 

[below_freezing]

more money for China more clean electricity for India everyone wins.

 

[sss112]

more money for China more clean electricity for India everyone wins.

I think both India and China are doing more to mitigate the Climate Change threat than all those western countries.
Our investments into Green Tech is steadily increasing.
While western nations state double standards asking developing nations to put in more when they themselves were responsible for the change in global climatic conditions.

What do you think?

 

[below_freezing]

I think both India and China are doing more to mitigate the Climate Change threat than all those western countries.
Our investments into Green Tech is steadily increasing.
While western nations state double standards asking developing nations to put in more when they themselves were responsible for the change in global climatic conditions.

What do you think?

definitely. China has more solar water heaters than the rest of the world combined. India will soon.

solar water heaters are an efficient way to save electricity and fuel that anyone can use. India should look into buying some. They're very cheap, can be installed in rural villages, have no freezing dangers in India and require almost zero input energy (a battery is enough to keep the controller running).

the amount of energy they provide is equivalent to tens of thousands of gigawatt hours.

in the US, no one uses solar water lmao. They're burning valuable chemical feedstocks like oil, gas and coal for heat. They will make excuses but at the end of the day it boils down to the fact that the Anglos do not give a sh!t about sustainability.

 

[Abingdonboy]

definitely. China has more solar water heaters than the rest of the world combined. India will soon.

solar water heaters are an efficient way to save electricity and fuel that anyone can use. India should look into buying some. They're very cheap, can be installed in rural villages, have no freezing dangers in India and require almost zero input energy (a battery is enough to keep the controller running).

the amount of energy they provide is equivalent to tens of thousands of gigawatt hours.

in the US, no one uses solar water lmao. They're burning valuable chemical feedstocks like oil, gas and coal for heat. They will make excuses but at the end of the day it boils down to the fact that the Anglos do not give a sh!t about sustainability.

Then they have the nerve to criticise developing nations like India and China to cut back on THEIR emmisions (which would hurt economic development) despite the fact it is the developed nations who are responsible for the majority of the damage uptil this point. This sort of news should silence them for a while.

 

[sss112]

definitely. China has more solar water heaters than the rest of the world combined. India will soon.

solar water heaters are an efficient way to save electricity and fuel that anyone can use. India should look into buying some. They're very cheap, can be installed in rural villages, have no freezing dangers in India and require almost zero input energy (a battery is enough to keep the controller running).

the amount of energy they provide is equivalent to tens of thousands of gigawatt hours.

in the US, no one uses solar water lmao. They're burning valuable chemical feedstocks like oil, gas and coal for heat. They will make excuses but at the end of the day it boils down to the fact that the Anglos do not give a sh!t about sustainability.

Solar Water heaters are popular in India too. Even the govt offers these at subsidized rates.
Although, they are in great demand in a lot of cities, still not very popular in Villages where many households [even the well to do ones] prefer using firewood. Solar cookers are not very popular though.

Also I was surprised by the popularity of CFLs in India even in the rural areas. I thought it would take time for people to realize the benefits of moving from incandescent light bulb to CFLs, but i was proved wrong.

And completely agree with you on the bolded part. Most of the western countries still resort to Carbon fuels for meeting their heating needs. They should have moved onto solar or some other sustainable resource.

 

[IndoCarib]

India takes the global clean tech lead - Clean Tech - Clean Tech | siliconrepublic.com - Ireland's Technology News Service

India is now outpacing the rest of the globe in terms of its clean-tech investments, that’s according to a new report from Bloomberg New Energy Finance. And the reason for India’s clean-tech upsurge? It’s down to the improving cost competitiveness of wind and solar, says Bloomberg.

The report from Bloomberg New Energy Finance has revealed that clean energy investments in India hit US$10.3bn in 2011, a 52pc increase on the US$6.8bn invested in 2010. This was the highest-growth figure of any significant economy in the world, according to the report. And, in 2011, India also accounted for 4pc of global investment in clean energy.

Asset financing for utility-scale projects continue to be the main type of clean-energy investment in India, with US$9.5bn in 2011.

Bloomberg attests that the clean-tech upsurge has been propelled by a seven-fold increase in funding for grid-connected solar projects - from US$0.6bn in 2010 to US$4.2bn in 2011.

Solar almost reached the same level of investments as wind, which totalled US$4.6bn, according to the report.
'Record year' for India and clean tech

Ashish Sethia, head of India research at Bloomberg New Energy Finance, said there had been concerns at the start of the year that higher lending rates might have impacted investment. However, he said policy measures like the Jawaharlal Nehru National Solar Mission, and renewable energy's increasing cost competitiveness, have made this a "record year" for India in terms of its clean-tech investment climate.

The Bloomberg report pointed to how venture capital and private equity investment also made a strong comeback in India, as $425m was invested in 2011, more than four times the 2010 figure.

Wind and solar project developers such as Mytrah Energy India and Kiran Energy Solar Power were successful in carrying out deals.

India's wind sector added 2,827MW of capacity in 2011 compared with 2,140MW in 2010. This capacity placed India third in the global rankings for new wind energy installations, trailing behind China and the US.

And Bloomberg New Energy Finance is predicting that around 2,500MW to 3,200MW of wind capacity could be added in 2012.

Explained Sethia: "The surge in installation of renewable energy shows that it is becoming cost competitive and scalable, at a time when India is struggling to meet its targets for conventional power capacity."

He said that federal and state governments in India would have to ensure four elements if India's renewables focus is to stay apace.

"First, that transmission lines are available for projects; second, that the grid can handle an increased flow of renewable energy; third, that renewable purchase obligations are enforced; and, fourth, that project developers are paid on time for the power they produce," said Sethia.

 

[joekrish]

Hope the govt start to subsidise solar pannels.