Solar is the New Coal
India, just over a decade ago, took to #coal at full throttle, allocating huge capacities to several private companies. All the eager players, however, had to rely on the imports of coal, which resulted in the balance sheets provoking less excitement than one may have expected.
On the other hand, in just 10 years, #RenewableEnergy installed capacity jumped from 9.7% (2010) to 24.5% (2021). The same companies who bet big on coal – private and public, moved to clean energy. Even #CoalIndia, the world’s largest coal company, is shifting to #solar with a staggering $1.73 bn in investment.
At one point, many called India’s 100GW solar target impractical, but now the country readies itself to meet its renewable energy capacity target of 500GW by 2030.
India’s story can help us gain significant insight into South Africa’s immediate future. With its clean energy resources outdoing coal reserves by a 6.5 to 1 ratio, massive land availability, and the government preparing the stage for renewables… the future appears clear.
