India is the world’s fourth-largest onshore wind market by installations, with 37.5 GW of capacity as of 2019. Technical potential at 120-metre hub height is a whopping 695 GW, according the National Institute of Wind Energy, and the government has set a wind capacity target of 60 GW by 2022 and 140 GW by 2030. Wind is already the second most competitive energy source on India’s grid.
As the world battles the coronavirus pandemic, it is critical to maintain sight of long-term climate objectives. International commitment to climate action can be the key to enabling economies to recover and rebuild more resilient systems once the storm has passed. Acceleration of renewables could power a green economic recovery, unlocking at least $50 trillion to boost global GDP and power millions of renewable energy jobs by 2050, according to the recent Global Renewables Outlook by IRENA.
As the COVID-19 pandemic widens overseas, many Asian countries now going through a second wave of outbreak and massive lockdowns continue to be in effect across South East Asia (SEA). Amid the dark clouds, GWEC Asia has not slowed down our policy efforts and have taken massive steps forwards in one of our priority markets: Vietnam.
With a coastline of more than 3,000 km and an average wind speeds of 8m/s-9m/s in the south, Vietnam´s potential to develop and generate wind power is substantial. In two reports both by the World Bank Group, Wind Resource Atlas and Going Global: Expanding Offshore Wind to Emerging Markets, a whopping 24 GW of onshore and 475 GW of offshore wind technical capacity was identified across Vietnam. By the end of 2019, Vietnam has a total cumulative installed wind power capacity of 487.4 MW, which includes 99 MW of intertidal projects, the first of its kind in the ASEAN region. Due to the strong flows of foreign and domestic investors into Vietnam’s wind sector, the market is predicted to install approximately 4 GW of wind capacity by 2025.
The total wind installations in India is expected to reach between 48GW to 54GW by 2020 – well short of the 60GW target.
In the global energy transition, India is one of the keystone countries for clean energy growth, coal phaseout and mobilisation of investment to power a low-carbon economy.
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