By 2047, when it will celebrate 100 years of independence, India can become energy independent. It was found that gaining energy independence would benefit India significantly in terms of the economy, environment, and energy, including USD 2.5 trillion in consumer savings through 2047, a 90% reduction in fossil fuel import expenditure, or USD 240 billion annually, an improvement in India’s industrial competitiveness globally, and the ability to meet its net-zero commitment sooner than expected.
In the future decades, India will need to invest USD 3 trillion on its energy infrastructure, and according to our research, it is essential for long-term financial viability to give new energy assets that are affordable and clean priority.
Using recently discovered reserves, the majority of the lithium required (estimated 2 million tonnes by 2040) for the creation of new electric vehicles and grid-scale battery storage systems might be generated domestically.
EVs and the production of green steel are two examples of clean technologies that the Indian sector must adopt. India is one of the biggest exporters of steel and automobiles in the world, and the EU nations who have pledged to carbon neutrality and a potential carbon border adjustment levy are their biggest markets.
The third-largest energy consumer in the world, India, currently imports 40% of its natural gas, 80% of its industrial coal, and 90% of its oil.
The current price and supply instability in the world’s energy markets puts a pressure on India’s foreign exchange reserves and causes inflation throughout the economy.
Clean energy has never had a more compelling argument. India has uncovered some of the largest lithium reserves and the lowest renewable energy prices worldwide.
This can help India move towards affordable energy independence in a way that is both profitable and beneficial to the environment.