Policy, climate, war make 2022 ‘pivot year’ for clean energy - BusinessMirror

One of India’s largest renewable energy firms, Renew Power, will be among the corporations big and small hoping for a piece of a $2.6 billion government scheme that encourages the domestic manufacturing of components required to produce solar energy. It’s the biggest such incentive in India’s history.

Experts say the task is now to build on this momentum in 2023, strengthen energy grid infrastructure and resolve backend issues which slow down the distribution and transmission of clean energy. A report by the International Energy Agency said that oil prices rose well above $100 per barrel in mid-2022 and high gas and coal prices accounted for electricity cost hikes around the world. But increased use of clean energy saved Asian countries, including China and India, a total of $34 billion in the past year, a separate report found.

India’s coal production increased by about 17% from April to November 2022. Bangladesh increased its imports of natural gas and went ahead with opening thermal powerplants in the country. Germany, a strong advocate of clean energy, turned to coal and oil to address its short term power needs.

Source: News Formal (newsformal.com)

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