I am Chairman and CEO of ReNew, the first Indian renewable energy company to list on Nasdaq. ReNew was founded with a vision to accelerate the net zero energy transition in a just and inclusive manner.
area on Earth Day, April 22, 2016, near Palm Springs, California. - San Gorgonio Pass is one of the largest wind farm areas in the United States. The shift away from fossil fuels to clean energy will rest on the shoulders of another shift that is equally as urgent: enhanced capabilities for materials and components supply, that are well diversified across several nations. Scaling up of the production and supply capabilities is not an issue, the geographical diversification of these is.
Catching up, therefore, will not be easy. But progress is being made. The US and India have developed a pipeline of almost 170 GW of solar modules manufacturing capacity through incentives like the Inflation Reduction Act and Production Linked Incentives. The European Commission, through the Net-Zero Industry Act, aims for the EU’s manufacturing capacity to supply at least 40% of its demand for net-zero technologies by 2030.
However, investments and economies of scale will only materialize with sufficient demand for locally produced components. Renewable energy targets provide the demand signals for solar, wind, and batteries supply chains. For instance, India's demand for renewable energy, to be supplied 24x7 or at times of peak demand, boosts demand for batteries paired with solar and wind. Similar mandates and government-led procurement are needed for green hydrogen and electric vehicles.
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