In this article, we will discuss Economical Significance of Renewable Energy. So, let’s get started.
Economical Significance of Renewable Energy
- Renewables form a vital component of green recovery, especially in a fast-developing country like India.
- The renewable sector is not just competitive economically, but also holds immense potential for job creation since clean energy technologies such as solar are far more labour intensive than conventional energy sources.
- It has been estimated that in reaching its goal of 500 GW of non-fossil fuel energy sources by 2030, India could create as many as 3.4 million new clean energy jobs providing employment to over a million people.
- This is expected to come largely from Distributed RE, which will create opportunities for local employment.
- Such efforts might also encourage the start of new ventures, and help scale up domestic businesses.
- India also has the potential to become a manufacturing hub for upcoming technologies like green hydrogen and energy storage.
- From the economy point of view, renewable sources provide the market and revenue assurance which no other resources can provide.