2022 Round up

Energy transition and climate action were a central theme in the 2022 budget, and various green initiatives gained impetus through the country’s Long-Term Low-Carbon Development Strategy (LT-LCDS) announced during the COP27 conference. India is expected to achieve 170 GW of renewables in 2022 and is on course to surpass its NDC of 50% renewables (currently 41%) installed capacity by 2030. The Production-Linked Incentives (PLI) scheme resulted in fresh investments in domestic cell and module manufacturing this year. Multiple new investments in green hydrogen, biofuel, and storage technologies were also announced.

Top 5 Trends to Watch in 2023

Sustainability reporting would be critical

Business responsibility and sustainability reporting (BRSR) would be mandatory for the top 1,000 listed companies. Even for the smaller companies working as vendors for the global OEMs, ESG reporting, and compliance would be critical.

Investments across the solar value chain

Investment in domestic capacity building is expected to continue in 2023 and beyond. India is expected to achieve 65 GW of domestic manufacturing capacity of fully and partially integrated solar PV modules by 2027.

Natural gas demand to get a boost

Natural gas will continue to gain preference over other fossil fuels; however, the price will be a key determinant for higher demand. Upcoming CPCB 4+ norms will provide the necessary impetus to gas equipment businesses.

Large-scale commercial usage of biofuel

Biofuel usage will reach a landmark as 20% ethanol-blended petrol is expected to be available at select outlets from April 2023. India will advocate for a global biofuel alliance at the 2023 G20 summit.

Heightened investments across sustainable technologies

Funds and investments will continue to flow into emerging business areas such as green hydrogen, electric vehicles, storage technologies, CCUS, etc.

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Rudranil Roysharma

Roysharma is the Director for Frost & Sullivan's Energy & Environment Practice - MEASA

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