BENEFITS, RISKS AND TRADE-OFFS IN RENEWABLE AND LOW CARBON TECHNOLOGIES FOR GREEN ENERGY ELECTRICITYPRODUCTION IN INDIA

Abstract

Global energy demand is expected to double by 2050, necessitating an estimated investment of 2.5 trillion USD per year in new energy installations and energy conservation initiatives over the next twenty years. Furthermore, rising energy demand and climate change efforts necessitate a significant increase in low-carbon electricity generation. However, there is concern that rapid investment in some novel technologies may result in a new set of environmental problems. When compared to coal, electricity generated by hydro, wind, solar, and geothermal power can reduce emissions of not only greenhouse gases (by more than 90%), but also pollutants hazardous to human health and ecosystems (by 60-90%). CO2 collection and storage from fossil fuel power plants will cut greenhouse gas emissions by 70% while increasing pollutants affecting human health and ecosystems by 5-80%. On the other side, there is a risk that the widespread adoption of low-carbon energy technology, while beneficial in lowering GHG emissions, will result in new environmental and societal consequences. India's installed power capacity is approximately 408.72 GW. India has achieved 166GW of renewable energy capacity. India has met its NDC target of 159.95 GW of non-fossil-based installed energy capacity, accounting for 41.4% of total installed electrical capacity. The major goal of adopting renewable and low-carbon green energy technology in India is to drive economic growth, improve energy security, increase energy access, and reduce climate change. This paper discusses the benefits, risks and trade-offs in renewable and low-carbon technologies for green energy electricity production in India. This study has adopted secondary research methods such as articles, journals, government reports, etc on renewable and low carbon energy. This study presents various investment benefits, employment opportunities and challenges in renewable and low carbon energy in India. Moreover, this study provides recommendations to foster the expansion of renewable and low-carbon technologies for green energy electricity production in India.