Climate change is a matter of great concern across the globe, and corporations have already initiated steps to fight it. Renewable energies are the ultimate clean energies, rapidly growing and overtaking non-eco-friendly energies. India is one of the leading consumers of green energies, and the Indian renewable energy market is playing a prime role at the international level. India’s growing population is raising energy demands, and renewable energies are the most sustainable energies that can fulfill this demand while simultaneously improving air quality by reducing pollution. The Indian corporate space is striving unabatingly to make sustainable changes and contribute to the global cause.
There are exhilarating benefits to using renewable energy, and C&I customers are acknowledging these perks by switching to them. The renewable energy models are rewarding corporations in India economically and at other prominent levels as well. There are various methods through which corporations invest in renewable energies and exponentially boost the renewable energy sector in India. Corporations can buy green electricity certificates, preferably from power plants, sign a Corporate Power Purchase agreement (CPPA) that highly reduces the capital risks, or invest in their renewable energy assets.
The Indian government is addressing climate change and working towards carbon footprint mitigation with an ambitious goal of zero carbon emissions by 2070. Corporate spaces will play a vital role in this green energy revolution and reduce the dependency on conventional energy. Initially, the growth of the renewable energy sector in India was led by the public sector, but C&I consumers estimated the value of renewable energies in the future and started investing in the chain. Huge groups in India, contributing massively to the GDP, that used to rely on coal energy extensively for production, like the Adani group and TATA group, have announced their big renewable energy targets.
Various factors have contributed to the rapid growth of sustainable energies. Indian corporations used to entirely depend on coal energy for electricity generation until consistent issues like coal shortage from August 2021 to October 2021 led to extensive price hikes at the exchange. It was followed by the coal export ban by Indonesia in January 2022, leading to volatile coal prices changing the scenario. The big businesses diversified in various sectors and gradually switched to reliable and clean energy, followed by the enormous rate of Indian corporate space. The decisions of numerous corporations to move to renewable energies were driven by the positive returns received by the initial investors through setting up the best systems, such as rooftop solar panels from the best solar companies in India, like AMP Energy India.
The government has taken substantial steps to develop renewable energies and penetrate them into the corporate sector. Favorable conditions were created for companies to adopt renewable energies, like improvised tax deductions, and the year 2021 saw 51 new or updated policy statements. The key players in India are working on the right trajectory to bring the Indian renewable energy sector to the top. The value of conventional energies will reduce with time as their limited sources create more economic issues for companies. Renewable energies will be adopted by Indian corporate sectors entirely with the help of renewable energy companies in India.