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India takes the lead in the war on carbon emissions

India is betting big on solar power. The government has decided to build solar power generation capacity totaling 100 gigawatts (GW) by 2022. India, a country blessed with abundant sunshine, has also taken a lead role in setting up the International Solar Alliance (ISA)—an alliance of 122 sunshine countries situated between the Tropics of Cancer and Capricorn—that was launched at the UN Climate Change Conference in Paris in November. In January, Prime Minister Narendra Modi and French President Francois Hollande laid the foundation stone of the ISA at Gurgaon .

Last 20-30 years, the oil-producing countries have dictated the world with their natural resources. Now with India being at the centre of initiative like the International Solar Alliance gives the country a unique opportunity. This alliance will drive the future of investment and innovation in solar sector and of course Indian companies are looking at the development very positively,” said Ketan Mehta, chief executive of Rays Power Infra Pvt. Ltd, a company working in the solar sector. “India is going to be a powerhouse especially in solar sector. We will have power not just for our own consumption but for neighbouring countries as well,” he added.

The price of solar energy has also fallen sharply, from around Rs.17.90 per unit in 2010 to Rs.4.34, the amount quoted by Finland-based Fortum Finnsurya Energy in January at an auction for a 70MW project in Rajasthan.