India’s Renewable Energy Sec to Create 4.5 Mn Jobs: Study

The two green energy sectors have started to outpace fossil fuel energy in terms of returns. It provides 12 per cent higher annual returns, 20 per cent lower annual volatility and 61 per cent higher risk-adjusted returns than conventional source of energy sectors like coal and the natural gas, the study has found.

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The renewable energy sector in India is booming and has a potential of creating jobs between 2 million and 4.4 million over the period of next 25 years.

A study conducted by Climate Policy Initiative and Indian School of Business along with experts from Jawaharlal Nehru University (JNU) and Indian Institute of Technology (IIT)-Delhi has found a great deal of potential in India’s renewable energy sector,  including the solar and wind power generation segments.

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The two green energy sectors have started to outpace fossil fuel energy sector in terms of returns. It provides 12 per cent higher annual returns, 20 per cent lower annual volatility and 61 per cent higher risk-adjusted returns than conventional source of energy sectors like coal and the natural gas, the study has found.

The study titled “An Assessment of India’s Energy Choices” was released on Friday. It was compiled in a serious of four reports that looked at the future of renewable energy in the country and states where investors see their investment as less risky than others.

“Econometric analysis of realistic renewable energy deployment out to 2042 shows that India could add between 2 million and 4.5 million jobs in wind and solar,” the study said.

Gireesh Shrimali, Director of CPI India said, “Unfortunately, while it is likely that the sector will continue to grow, there are a range of barriers to it reaching the full potential.”

“Our work shows that meeting India’s renewable energy targets is clearly associated with positive impacts for its economy,” he added.

Source: ET