India is looking to develop energy storage capacity of ٩٢ gigawatt-hours (GWh) with the unveiling of a $١.٥ billion program. This initiative is aimed at accelerating the transition to renewable energy sources and enhancing energy security in the country. The program is set to be implemented from ٢٠٢٦-٢٧ to ٢٠٣٠-٣١ and includes ٦٠ gigawatt-hours of pumped hydro storage, ٣٠ gigawatt-hours of battery storage, and ٢ gigawatt-hours using emerging technologies.
Economic impacts and investment
The Indian government has announced that this program will help attract an estimated $١٠ billion in investment over the next five years. Adding this storage capacity will be equivalent to ١٧٠% of the existing storage capacity in India. Narendra Modi, the Prime Minister of India, emphasized that this plan will contribute to providing "more reliable electricity, greater integration of renewable energy, and strengthening energy security."
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Challenges and future outlook
India, with a population of over ١.٤ billion people, is the third-largest producer of greenhouse gases in the world and is still heavily reliant on coal to meet its growing energy demand. With rapid demand growth anticipated, the government is striving to achieve its goal of net-zero greenhouse gas emissions by ٢٠٧٠. This new program could play a significant role in reducing dependence on fossil fuels and achieving environmental goals.
Additionally, the Indian cabinet on Tuesday also approved a $٣٠٠ million program to support four domestic lithium and nickel processing plants, key minerals used in electric vehicle batteries and energy storage systems. The government stated, "Currently, India is heavily dependent on imports, so creating domestic processing capacity is essential."
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