An Investigation on the Prospects, Challenges and Policy Consequences of Renewable Energy Technology Development for India’s Environmental Sustainability

Article

Raihan, Asif, Sarker, Tapan and Zimon, Grzegorz. 2024. "An Investigation on the Prospects, Challenges and Policy Consequences of Renewable Energy Technology Development for India’s Environmental Sustainability." WSEAS Transactions on Environment and Development. 20, pp. 365-390. https://doi.org/10.37394/232015.2024.20.35
Article Title

An Investigation on the Prospects, Challenges and Policy Consequences of Renewable Energy Technology Development for India’s Environmental Sustainability

ERA Journal ID201737
Article CategoryArticle
AuthorsRaihan, Asif, Sarker, Tapan and Zimon, Grzegorz
Journal TitleWSEAS Transactions on Environment and Development
Journal Citation20, pp. 365-390
Number of Pages26
Year2024
PublisherWorld Scientific and Engineering Academy and Society
Place of PublicationGreece
ISSN1790-5079
2224-3496
Digital Object Identifier (DOI)https://doi.org/10.37394/232015.2024.20.35
Web Address (URL)https://wseas.com/journals/ead/2024/a705115-1242.pdf
AbstractThis study aims to comprehensively analyze the status and prospects of renewable energies in India. India ranks third globally in terms of renewable energy production. India's population and economic growth are fueling increasing energy demand. Renewable energy has emerged as a viable solution for addressing the energy crisis and environmental issues, replacing fossil fuels. The Indian government is actively promoting and pursuing large-scale renewable energy projects as part of its commitment to increase the utilization of renewable energies. This paper analyzes the complexities of India's renewable energy industry, focusing on its substantial growth and the government's proactive efforts to promote a greener energy mix. By 2023, renewable energy sources constituted over 40% of India's overall energy capacity, amounting to approximately 169 GW. The figure comprises 64 GW of solar electricity, 52 GW of hydropower, 42 GW of wind energy, and 11 GW of biofuels. Rajasthan possesses the greatest potential for renewable energy in India, representing approximately 20% of the nation's overall capacity. The article explores the interdependent relationship between renewable energies and Sustainable Development Goals (SDGs), such as poverty reduction, gender equality, improved health, and environmental preservation. The research not only presents empirical data on India's renewable energy capabilities but also offers policy recommendations to facilitate a transition from fossil fuels to renewable energies. These recommendations address economic, social, and environmental aspects. The article outlines a strategic plan for India's sustainable energy future, emphasizing the importance of robust government regulations, private sector investments, international collaboration, and public awareness initiatives. This study contributes to the ongoing discussion on renewable energy adoption in India by providing a strategic and practical framework. This study provides valuable insights for policymakers, researchers, and industry competitors regarding energy transition and environmental sustainability.
KeywordsClimate change; Renewable energy; Environmental sustainability; Energy transition; Emission reduction; Sustainable development goal; Energy policy; India
Contains Sensitive ContentDoes not contain sensitive content
ANZSRC Field of Research 2020380105. Environment and resource economics
Byline AffiliationsNational University of Malaysia
University of Southern Queensland
Rzeszow University of Technology, Poland
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Sarker, Tapan, Taghizadeh-Hesary, Farhad, Mortha, Aline and Saha, Anjan. 2021. "The Role of Fiscal Incentives and Market-Based Incentives in Promoting Energy Efficiency in the Industrial Sector: Case Studies from Asia." Liu, Yang, Taghizadeh-Hesary, Farhad and Yoshino, Naoyuki (ed.) Energy Efficiency Financing and Market-Based Instruments. Singapore. Springer. pp. 131-149
Mahindra & Mahindra – Mainstreaming Sustainability Through Knowledge Building
Sarker, Tapan, Ray, Subhasis and Gazder, Beroz. 2017. "Mahindra & Mahindra – Mainstreaming Sustainability Through Knowledge Building." Lenssen, Gilbert, Rhee, Jay Hyuk and Martinez, Fabien (ed.) The Role of Corporate Sustainability in Asian Development: A Case Study Handbook in the Automotive and ICT Industries. Switzerland. Springer. pp. 145-165
Factors influencing managers’ environmental investment decisions: an empirical examination in the Australian offshore oil and gas industry
Sarker, Tapan. 2017. "Factors influencing managers’ environmental investment decisions: an empirical examination in the Australian offshore oil and gas industry." International Journal of Environmental Policy and Decision Making. 2 (3), pp. 236-270. https://doi.org/10.1504/IJEPDM.2017.085408
The Asian century, sustainable growth and climate change: Responsible futures matter
Hossain, Moazzem, Sarker, Tapan and McIntosh, Malcolm. Hossain, Moazzem, Sarker, Tapan and McIntosh, Malcolm (ed.) 2013. The Asian century, sustainable growth and climate change: Responsible futures matter. United States. Edward Elgar Publishing.
The hidden compliance cost of VAT: An exploration of psychological and corruption costs of VAT in a developing country
Faridy, Nahida, Freudenberg, Brett, Sarker, Tapan and Copp, Richard. 2016. "The hidden compliance cost of VAT: An exploration of psychological and corruption costs of VAT in a developing country." eJournal of Tax Research. 14 (1), pp. 166-205.
Pathways to a sustainable economy: Bridging the gap between Paris climate change commitments and net zero emissions
Hossain, Moazzem, Hales, Robert and Sarker, Tapan. Hossain, Moazzem, Hales, Robert and Sarker, Tapan (ed.) 2018. Pathways to a sustainable economy: Bridging the gap between Paris climate change commitments and net zero emissions. Switzerland. Springer.
Is the literacy of small business owners important for cash flow management?: The experts’ perspective
Belle Isle, Melissa, Freudenberg, Brett and Sarker, Tapan. 2018. "Is the literacy of small business owners important for cash flow management?: The experts’ perspective." Journal of the Australasian Tax Teachers Association. 13 (1), pp. 31-67.
Predicting intention to recycle on the basis of the theory of planned behaviour
Arli, Denni, Badejo, Abi, Carlini, Joan, France, Cassandra, Jebarajakirthy, Charles, Knox, Kathy, Pentecost, Robin, Perkins, Helen, Thaichon, Park, Sarker, Tapan and Wright, Owen. 2019. "Predicting intention to recycle on the basis of the theory of planned behaviour." International Journal of Nonprofit and Voluntary Sector Marketing. 25 (2), pp. 1-14. https://doi.org/10.1002/nvsm.1653
Investigating solutions for the development of a green bond market: Evidence from analytic hierarchy process
Tu, Chuc Anh, Rasoulinezhad, Ehsan and Sarker, Tapan. 2020. "Investigating solutions for the development of a green bond market: Evidence from analytic hierarchy process." Finance Research Letters. 34, pp. 1-5. https://doi.org/10.1016/j.frl.2020.101457
Role of energy finance in geothermal power development in Japan
Taghizadeh-Hesary, Farhad, Mortha, Aline, Farabi-Asl, Hadi, Sarker, Tapan, Chapman, Andrew, Shigetomi, Yosuke and Fraser, Timothy. 2020. "Role of energy finance in geothermal power development in Japan." International Review of Economics and Finance. 70, pp. 398-412. https://doi.org/10.1016/j.iref.2020.06.011
The business tax literacy of Australian small businesses
Belle Isle, Melissa, Freudenberg, Brett and Sarker, Tapan. 2022. "The business tax literacy of Australian small businesses." Australian Tax Forum: a journal of taxation policy, law and reform. 37 (1), pp. 65-103.
Role of the Land-Based Private Sector in Low-Emission Development: An Indonesian Case
Alviya, Iis, Sarker, Tapan, Sarvaiya, Harsha and Iftekhar, Md Sayed. 2021. "Role of the Land-Based Private Sector in Low-Emission Development: An Indonesian Case." Sustainability. 13 (24), pp. 1-22. https://doi.org/10.3390/su132413811
Quality infrastructure and natural disaster resiliency: A panel analysis of Asia and the Pacific
Taghizadeh-Hesary, Farhad, Sarker, Tapan, Yoshino, Naoyuki, Mortha, Aline and Vo, Xuan Vinh. 2020. "Quality infrastructure and natural disaster resiliency: A panel analysis of Asia and the Pacific." Economic Analysis and Policy. 69, pp. 394-406. https://doi.org/10.1016/j.eap.2020.12.021
Revisiting conventional and green finance spillover in post-COVID world: Evidence from robust econometric models
Sharma, Gagan Deep, Sarker, Tapan, Rao, Amar, Talan, Gaurav and Jain, Mansi. 2022. "Revisiting conventional and green finance spillover in post-COVID world: Evidence from robust econometric models." Global Finance Journal. 51, pp. 1-22. https://doi.org/10.1016/j.gfj.2021.100691
Neuroentrepreneurship: an integrative review and research agenda
Sharma, Gagan Deep, Paul, Justin, Srivastava, Mrinalini, Yadav, Anshita, Mendy, John, Sarker, Tapan and Bansal, Sanchita. 2021. "Neuroentrepreneurship: an integrative review and research agenda." Entrepreneurship and Regional Development. 33 (9-10), pp. 863-893. https://doi.org/10.1080/08985626.2021.1966106
Conditional acceptance of digitized business model innovation at the BoP: A stakeholder analysis of eKutir in India
Sengupta, Tuhin, Narayanamurthy, Gopalakrishnan, Hota, Pradeep Kumar, Sarker, Tapan and Dey, Subhendu. 2021. "Conditional acceptance of digitized business model innovation at the BoP: A stakeholder analysis of eKutir in India." Technological Forecasting and Social Change. 170, pp. 1-12. https://doi.org/10.1016/j.techfore.2021.120857
Renewable energy generation from livestock waste for a sustainable circular economy in Bangladesh
Islam, K. M. Nazmul, Sarker, Tapan, Taghizadeh-Hesary, Farhad, Atri, Anashuwa Chowdhury and Alam, Mohammad Shafiul. 2021. "Renewable energy generation from livestock waste for a sustainable circular economy in Bangladesh." Renewable and Sustainable Energy Reviews. 139, pp. 1-13. https://doi.org/10.1016/j.rser.2020.110695
Spillovers of the COVID-19 Pandemic: Impact on Global Economic Activity, the Stock Market, and the Energy Sector
Hasan, Md. Bokhtiar, Mahi, Masnun, Sarker, Tapan and Amin, Md. Ruhul. 2021. "Spillovers of the COVID-19 Pandemic: Impact on Global Economic Activity, the Stock Market, and the Energy Sector." Journal of Risk and Financial Management. 14 (5), pp. 1-18. https://doi.org/10.3390/jrfm14050200
Promoting energy efficiency financing within the G20: the role of fiscal instruments
Sarker, Tapan, Taghizadeh-Hesary, Farhad and Yoshino, Naoyuki. 2021. Promoting energy efficiency financing within the G20: the role of fiscal instruments. Germany. Global Solutions Initiative Foundation.
Sustainable Coastal and Maritime Tourism: A Potential Blue Economy Avenue for Bangladesh
Islam, Md Wasiul and Sarker, Tapan. 2021. Sustainable Coastal and Maritime Tourism: A Potential Blue Economy Avenue for Bangladesh. Japan. Asian Development Bank Institute.
Demographic Dividend, Digital Innovation, and Economic Growth: Bangladesh Experience
Zaman, Kazi Arif Uz and Sarker, Tapan. 2021. Demographic Dividend, Digital Innovation, and Economic Growth: Bangladesh Experience. Japan. Asian Development Bank Institute.
Supporting SMEs in Sustainable Strategy Development Post-Covid-19: Challenges and Policy Agenda for the G20
Barbagila, Martina, Buttice, Vincenzo, Giudici, Giancarlo, Mendy, John, Sarker, Tapan, Sharma, Gagan D., Thomas, Asha and Zutshi, Ambika. 2021. Supporting SMEs in Sustainable Strategy Development Post-Covid-19: Challenges and Policy Agenda for the G20. Germany. Global Solutions Initiative Foundation.
Building the business case for climate change adaptation: Lessons from Coastal Australia
Hales, Rob, Banhalmi-Zakar, Zsuzsa, Sarker, Tapan, Lo, Alex, Chai, Andreas, Whittlesea, Emma, Fleming, Chris, Kelly, Katrina and Bun, Mara. 2016. Building the business case for climate change adaptation: Lessons from Coastal Australia. Australia. National Climate Change Adaptation Research Facility.
A general equilibrium assessment of climate change–induced loss of agricultural productivity in Nepal
Chalise, Sudarshan, Naranpanawa, Athula, Bandara, Jayatilleke S. and Sarker, Tapan. 2017. "A general equilibrium assessment of climate change–induced loss of agricultural productivity in Nepal." Economic Modelling. 62, pp. 43-50. https://doi.org/10.1016/j.econmod.2017.01.014
Factors Influencing the Green Bond Market Expansion: Evidence from a Multi-Dimensional Analysis
Tu, Chuc Anh, Sarker, Tapan and Rasoulinezhad, Ehsan. 2020. "Factors Influencing the Green Bond Market Expansion: Evidence from a Multi-Dimensional Analysis." Journal of Risk and Financial Management. 13 (6), pp. 1-14. https://doi.org/10.3390/jrfm13060126
Financial inclusion and macroeconomic performance: Connecting the dots, setting the agenda
Chavriya, Shubham, Sharma, Gagan Deep and Sarker, Tapan. 2022. "Financial inclusion and macroeconomic performance: Connecting the dots, setting the agenda." 35th Australian and New Zealand Academy of Management Conference (ANZAM 2022). Australia 06 - 07 Dec 2022 Australia. Australian and New Zealand Academy of Management.
Sustainable development and finance post-pandemic – future directions and challenges
Cadman, Timothy and Sarker, Tapan. 2022. "Sustainable development and finance post-pandemic – future directions and challenges." De Gruyter Handbook of Sustainable Development and Finance. Germany. Walter de Gruyter. pp. 653-665
Top of the Grade: Factors that could influence small business literacy
Belle Isle, Melissa, Freudenberg, Brett and Sarker, Tapan. 2022. "Top of the Grade: Factors that could influence small business literacy." Journal of Australian Taxation. 24 (1), pp. 5-34.
The role of fiscal instruments in encouraging the private sector and smallholders to reduce emissions from deforestation and forest degradation: Evidence from Indonesia
Cadman, Tim, Sarker, Tapan, Muttaqin, Zahrul, Nurfatriani, Firti and Maraseni, Tek. 2019. "The role of fiscal instruments in encouraging the private sector and smallholders to reduce emissions from deforestation and forest degradation: Evidence from Indonesia." Forest Policy and Economics. 108, pp. 1-10. https://doi.org/10.1016/j.forpol.2019.04.017
Comparative evaluation of zero deforestation governance
Cadman, Tim, Maraseni, Tek, Sarker, Tapan and Ma, Hwan Ok. 2017. "Comparative evaluation of zero deforestation governance." EFTRN News. 58, pp. 161-168.
The Political economy of sustainable development: policy instruments and market mechanisms
Cadman, Tim, Eastwood, Lauren, Lopez-Casero Michaelis, Federico, Maraseni, Tek, Pittock, Jamie and Sarker, Tapan. 2015. The Political economy of sustainable development: policy instruments and market mechanisms. Cheltenham, Northampton,United Kingdom. Edward Elgar Publishing.
Resource constraints and Asia’s growth: regional cooperation for enhancing energy security
Hossain, Shanawez and Sarker, Tapan. 2013. "Resource constraints and Asia’s growth: regional cooperation for enhancing energy security." Hossain, Moazzem, Sarker, Tapan and McIntosh, Malcolm (ed.) The Asian Century, Sustainable Growth and Climate Change: Responsible Futures Matter. 9781781005743. Edward Elgar Publishing. pp. 54-81