Sustainability goals, consumer awareness and, especially, lower costs are spurring India to shift to using renewable energy.
India’s corporations are switching to clean energy sources, such as wind and solar, for more than altruistic reasons, according to speakers at the “Corporate Sourcing of Renewable Energy: India” webcast held by the Global Wind Energy Council on Thursday.
Corporate India has a potential of 5 gigawatts of renewable-energy demand by 2023, said Mayank Bansal, president, strategy and operations at ReNew Power, and panelists agreed there was room for expansion.
“Corporate sales for renewables is actually a very big opportunity,” said Bansal, adding that demand is driven by companies’ sustainability goals and the fact that competition among renewable energy providers creates “the cheapest electricity options for a lot of corporations. That is something that’s really likely to drive the corporate market.”
Infosys, Dalmia Cement, Mahindra Holidays & Resorts and Tata Motors are Indian companies that have pledged to use 100% renewable electricity by joining The Climate Group and CDP’s RE100 initiative, which includes another 40 companies that have an Indian presence.
India passed the U.K. and France to become the world’s fifth-largest economy in 2019, according to the IMF. Last year, India also became the second-biggest market for corporate renewable power purchase agreements (PPA), after the U.S. Karnataka,