India is going to be the biggest green energy transition hub in ahead future. India would possibly create a benchmark with the use of their policy and FDI. Alongside with most consumption of coal, India is the second top coal consumer in the world after China. India's economy is anticipated to grow at one of the fastest rates worldwide. India would need 3.5 trillion units (TUs) of energy by 2036–2037 to support a 7.3% economic growth rate, as opposed to 1.37 TUs in 2021–2024, according to estimations from the Central Energy Authority (CEA).

A crucial requirement for ensuring high rates of economic growth for India would be the availability of reliable energy at affordable prices. The government's commitment is demonstrated by major policy efforts like the green hydrogen policy, the offshore wind policy, the promotion of electric vehicles, the creation of a green day-ahead market, and the lowering of conditions for open access to purchase green energy. Despite the push, India now relies mostly on coal and crude oil for its energy needs. To replace these with clean energy sources would require large financial investments.

Decarbonization policy considerations

There are many options for pursuing India's 2070 net-zero objective while supporting significant economic growth, which is a challenge. Renewable energy sources like wind and solar must be supplemented with other energy sources like gas and supported by storage devices due to their variability and lack of 24-hour energy availability. Therefore, reliable, affordable, and energy-independent policy measures for decarbonization must be followed.

Energy independence
India's economy is vulnerable to fluctuations in global energy costs since it imports the majority of the primary energy it needs. Through programs like production-linked incentives (pli) for goods other than solar panels and advanced chemistry cell (acc) batteries, the government needs to think about developing local capabilities across the clean energy value chain.

Innovation
Reaching India's net-zero objective will be difficult financially and technologically. Based on technical decisions, several viable routes exist to assist the nation in achieving its net-zero aim. But further cost-effective developments are needed for widespread commercial utilization. Policies should establish the best incentives for advances rather than forecasting the future or limiting technology and power sources.

Attracting investment
As it moves closer to net zero, India will require a sizable amount of cash. by 2070, the present projections indicate a significant investment of roughly us$10.1 trillion. Even though the projections could change, authorities still need to think about how to raise the necessary funds.

Market creation
By having carbon markets tailored to India, clean energy and technology adoption will be encouraged. The majority of companies currently use the open-access model, which involves buying green energy directly. The grid might get more complicated if these strategies are widely used. There is a need for policies that encourage decarbonization and handle the complex needs of the energy system through market-based prices in addition to political initiatives like green open access.

Approaches to Ensuring Widespread Decarbonization in India
Any choice should adhere to two requirements. First, there is a critical requirement for government energy delivery policies to be technology-neutral. Two, it needs to keep assisting with the creation, development, and execution of green energy projects.

Up until 2030, India is expected to add new electricity capacity (in GW)
The aggregate extra capacity goals for the utility-scale category through 2030 set by some of the top companies in the market are currently at 231 GW. State-owned NTPC has committed 60 GW, Adani Green Energy 45 GW, Tata Power, Renew Power, and Acme Solar 25 GW each. Although these goals are ambitious, the Indian government appears unwavering in its commitment to achieving them through encouraging growth across the range of renewable energy sources.

Most industry players are supported by financially robust investors, including the Indian government, domestic corporations, and some of the largest global investors, who provide them with the capital they need to meet their capacity addition goals. On the decentralized renewable energy side, several segments have the potential to expand significantly as demand-side drivers generate profitable returns and policy-side reforms simplify existing obstacles.

Rooftop solar has lagged behind other countries in the country, but state-level reforms, corporate decarbonization, and net-zero commitments from commercial and industrial (C&I) clients will dramatically speed up this segment. Similar to solar panels, the KUSUM program has a target of 30.8 GW for solar pumps. However, because of several impediments, the plan has not advanced very far to date. The market for solar pumps is vast since India has over 20 million grid-connected agricultural pumps that account for more than 17% of the country's total electricity consumption.

Drivers of Increases in India's Renewable Energy Capacity on the Demand and Supply Sides
Understanding how local players' commitments to clean energy stack up against their overseas counterparts also sheds light on how India's goals for renewable energy stack up against global trends and what Indian utility players may learn from the experience of world leaders. Four utility companies leading the global energy transition are Energy (US),(Germany), (Denmark) and (Italy).

A review of their clean energy strategies and trajectories reveals that they are placing significant bets on the potential presented by the global energy transition. Accelerated steps to gradually reduce asset reliance on fossil fuels and increased support for the clean energy sector have been recurring themes in all the jurisdictions where they operate.

Approaches to Ensuring Widespread Decarbonization in India
Any choice should adhere to two requirements. First, there is a critical requirement for government energy delivery policies to be technology-neutral. Two, it must keep fostering green energy project development, innovation, and implementation.

The following tactics are listed in the EY-GE whitepaper for extensive decarbonization in India:
Increase the production of renewable energy sources, such as offshore wind farms, supported by machinery made in the area through a variety of production-linked programs. Policies should aim to reduce the amount of embodied carbon in the equipment while creating incentives.

Create carbon capture systems to use coal-based energy, the country's major domestic source of primary energy.

Promote innovative and effective storage solutions that make it easier to use renewable energy. The usage of energy storage systems to be operated as part of generating, transmission, and distribution or as standalone energy projects has been outlined by the Ministry of Power.

For pumped-storage hydropower (PSH) projects to succeed, environmental clearance should be granted more quickly. It will be beneficial if the Ministry of Environment and Forest and Climate Change issues separate instructions for PSH projects.

Utilize the current natural gas-based power generation capacity to its fullest and benefit from its versatility as an energy source and low carbon footprint.

With the understanding that the transition from blue/grey to green hydrogen may occur in the future, promote the use of green hydrogen by employing laws and demand-side incentives to lower prices, such as production-linked incentives for electrolyzers.

CONCLUSIONS
India's current and future energy policies heavily rely on renewable energy sources. India may achieve the dual objectives of economic development and the production of green energy if it adheres to the ambitious plan for which it has offered to volunteer. The truth is that fossil fuels must disappear because they cannot sustainably meet our energy demands. We can create a fully sustainable future for our energy provision without harming the planet we all share by developing a variety of green energy alternatives.