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India's New and Renewable Energy Market: Opportunities and Challenges

  • Author Hyoungmin Han
  • Series247
  • Date2022-09-28
The importance of new and renewable energy has been drawing atten-tion since the Paris Climate Agreement was adopted in 2015. The Paris Agreement aims to keep the average temperature rise below 2°C com-pared to the pre-industrialization era and to limit the future temperature rise to 1.5°C or less. Since its adoption, many countries have become active in using eco-friendly energy, such as new and renewable energy, and providing policies to support the ecosystem of low-carbon industries. However, the domestic new and renewable energy market in Korea is limited, making it difficult to mass-produce power generation devices. In addition, the international community's transition to a low-carbon ecosystem is rapidly taking place. To achieve 2050 carbon neutrality, it is necessary to secure Nationally Determined Contributions (NDC) through various overseas cooperation projects. Thus, it is believed that energy coopera-tion with developing countries is needed to expand domestic markets and to achieve overseas NDC reduction targets. Considering India's recent market expansion and active policy in the area of renewable energy, it can be a good partner for Korea in the sector.
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