How Renewable Energy Integration is Reshaping the Energy Landscape

On 24^th of July, 2024 Hindustan Zinc launched ‘EcoZen’ - a low carbon zinc category while the key raw material is produced of round-the-clock renewable energy. The company looks to diversify its portfolio with green products.

"Commercial production of the low-carbon zinc has begun and we expect the product to hit the market next month," said Hindustan Zinc Chief Executive Officer Arun Misra.

The company touts the new product as having a carbon footprint of less than one tonne of carbon equivalent/tonne of zinc product and this is about 75% lower than the global average, according to metals and mining firms.

The company has invested Rs 3,000 crore for the renewable power, Misra stated during the launch.

The renewable energy landscape today in the quest for a sustainable as well as environmentally friendly energy landscape has emerged as one of the critical components. The integration of renewable energy sources which include the integration of renewable energy sources has become imperative owing to the growing concern over various factors such as the need for energy security, climate change as well as the depletion of fossil fuels. In this article let us look at how renewable energy integration is reshaping the energy landscape.

Technological advancements

Rapid technological advancements in wind, hydro, solar as well as other renewable energy sources have propelled the integration of renewable energy. For instance, PV (Photovoltaic) technology has witnessed dramatic enhancements in cost reduction & efficiency. Since 2010, the levelized cost of electricity for solar PV has reduced by 80 per cent and this has made it competitive with fossil fuels in several regions. Also, the advancements in wind turbine technology have increased the efficiency & capacity, which has enabled wind power to become one of the significant contributors to the energy mix.  Moreover, the battery storage technology is also evolving and this is helping in addressing the intermittent nature of the renewable energy sources. Solid-state batteries as well as flow batteries – the innovations in lithium-ion batteries & emerging technologies are improving the efficiency & energy storage capacity. This progress in storage solutions is highly important in order to balance the supply & demand, which helps in ensuring grid stability & enabling the integration of higher shares of renewables into the energy system.

As the union budget 2024 has been praised for its focus on sustainability, energy security & economic growth, the commitment of the government towards these priorities is observed as one of the critical steps towards achieving a developed nation by 2047.

The budget’s allocation of ₹19,100 crore to the Ministry of New and Renewable Energy supporting green energy and infrastructure development was appreciated by Rajeev Kashyap, Vice President & Managing Director at Nextracker. He stressed the significance of improving solar manufacturing as well as grid infrastructure for supporting India’s net-zero goal by 2070, reaffirming Nextracker’s commitment to advancing solar technology.

Grid modernization & Decentralization

What necessitates the fundamental transformation of the grid infrastructure is the integration of renewable energy. Smart grids which can accommodate decentralized generation, dynamic demand management, bidirectional power flows are replacing traditional power grids that are being designed for centralized generation & one-way power flow. To enhance the reliability as well the efficiency of the energy system, smart grids leverage sensors, digital technology as well as advanced analytics for monitoring and controlling energy flows in real-time.

Another key aspect of this transformation is decentralization. Distributed energy resources are becoming highly prevalent and these include small wind turbines, community based energy projects as well as rooftop solar panels. These Distributed energy resources democratize the energy landscape & foster local energy independence by empowering consumers in becoming prosumers (both the producers & consumers) of energy. Microgrids are also gaining traction as a means for enhancing energy resilience as well as reliability specifically in remote or underserved areas.

Economic impacts

While the shift towards renewable energy is generating huge economic impacts by creating new opportunities it is posing challenges for the traditional energy sectors. On one hand, the renewable energy industry is driving job creation where millions of new jobs are generated in the wind, energy efficiency as well as solar industries. In 2019, the renewable energy sector employed 11.5 million people globally & this number is anticipated to grow to a greater extent as investments in renewables increase, according to IRENA (International Renewable Energy Agency).  The transition poses challenges for fossil fuel-dependent sectors & regions, on the other hand. The decline in gas, oil as well as coal industries can result in job losses as well as economic disruptions in regions that are heavily reliant on these industries. However, there are opportunities for economic diversification & reskilling of the workforce for participating in the renewable energy market. Policy makers as well as governments play a major role in managing this transition and this not only helps in ensuring that it is just as well as inclusive but also that the benefits of renewable energy are distributed equitably.

“India has immense potential for renewable energy, as some of the states are rural and lack resources for traditional power plants it has high power demand and relies on expensive energy,” says Ashok Kumar, CMD, Lightmarks Infra.

Driven by technological advancements, economic opportunities, societal benefits as well as policy frameworks, the integration of renewable energy is reshaping the global energy landscape in profound ways. Although there are numerous challenges, the continued commitment to renewable energy integration can result in a more resilient, sustainable as well as equitable energy future. We can address the urgent challenges of climate change, improve energy security & create a better world for future generations by harnessing the power of renewable energy.