The top official said that grid storage options that utilise the high energy density and secure materials that are currently present in India must be invested in by the country
Tarun Kapoor, Advisor to the Prime Minister, spoke at the India Energy Storage Week 2023 and said that storage will be crucial for India's journey towards an energy transition and that its cost needs to decrease moving forward.
"The future of (renewable) energy is totally dependent on innovations and storage cost coming down, less space (for energy storage), utilise high energy density, and materials (used to produce energy storage), which are available safe for us,” noted Kapoor.
According to Kapoor, the future of energy depends on technological advances and affordable storage options, and renewable energy now makes up 22–23% of installed capacity but has the potential to expand to 50%. In order to advance past this, he said, India must make investments in storage options that make use of locally accessible, safe materials with high energy densities.
He stressed the necessity of all sustainability and clean energy stakeholders working together to support India in being a global leader in the transition to green energy during the IESW 2023 opening ceremony at Pragati Maidan in New Delhi. He said that technological advancements and affordable storage options are essential for the energy of the future. Renewable energy currently makes up approximately 22–23% of installed capacity, and India as a whole has the capacity to increase that to 50%. But even now, the nation needs to invest in grid storage solutions that make use of the high energy density and secure materials that are already available in India.
The switch to electric vehicles necessitates large-scale storage solutions, which India must manufacture locally. India must also spend in R&D to create products that are tailored to the needs of the nation and the materials that are accessible there.
Eminent dignitaries and leaders in clean technology from India and other nations attended the event.
Numerous Memorandums of Understanding (MoUs) were signed at the event, including those between IESA and Singapore Battery Consortium (SBC) and IESA and the Electronics Sector Skills Council of India (ESSCI). At IESW 2023, more than 500 top organisations from more than 25 nations, including the UK, USA, UAE, Australia, China, Germany, Singapore, France, Italy, Israel, and Sri Lanka, as well as more than 60 CXOs from the e-mobility and green hydrogen ecosystems, more than 100 start-ups, more than 50 women in leadership positions in the energy sector, and more than 8 ministries, took part.