More investments make green energy ‘unsustainable’
Renewable energy will create more jobs per unit of electricity produced
By : DC Correspondent
Update: 2014-09-18 02:32 GMT
Hyderabad: Renewable energy would generate more jobs, but experts warn that solar and other renewable energy sources for power generation will have an adverse impact on the growth trajectory. Investment cost for solar energy is five to six times more than coal-based projects, bringing down available investment for other sources.
It is estimated that renewable energy will create more jobs per unit of electricity produced compared to fossil energy like coal. For instance, it is estimated for 85 MW of wind project 2,350 persons would be employed over 20 years.
Dr Kirit Parikh, chairman of Integrated Research for Action and Development said, “Opting for renewable energy will increase the cost. It will cost at lease Rs 7.5 crore to Rs 8 crore per MW production of solar power. The investment cost is around five to six times more than traditional coal based energy production.”
Planning Commission senior advisor B. N. Satpathy said, “The target of the 12th Plan is to increase green cover by one million hectare every year, to add 30,000 MW of renewable energy and reduce emission intensity of GDP in line with the target of 20 to 25 per cent over 2005 levels by 2020.”
“The cumulative costs of low carbon strategies between 2010 and 2030 have been estimated at around 834 billion dollars at 2011 prices. This will divert resources from other needs and may not be possible to sustain, if growth is not fast enough,” Mr Satpathy added.
He added that the total GDP loss caused by additional energy investment has been quantified at 1,344 billion US dollars at 2011 prices. “International support in both finance and technology would be critical,” added Satpathy.