WEF 2024: ReNew's Sumant Sinha optimistic on India role in global clean energy transition

Sumant Sinha, Founder, Chairman and Chief Executive Officer (CEO), ReNew, a renewable energy company, expressed optimism about the global clean energy transition. Speaking to CNBC-TV18 at the World Economic Forum in Davos, Sinha highlighted the positive momentum in renewable capacity addition, emphasising China's role in driving this change.

Sinha acknowledged that in 2023, the silver lining was the addition of renewable capacity, which accounted for 50% of the global increase.

He also commended India for its efforts, citing the auction of nearly 40 gigawatts of capacity in the current financial year, with projections of an additional 30 to 40 gigawatts.

On the outlook, Sinha asserted that the majority of new power capacity additions globally would be in renewables due to their cost-effectiveness, environmental benefits, and the decreasing costs of battery storage, which facilitates better management of intermittency issues.

Despite the momentum, Sinha cautioned about the pace of global efforts towards renewable energy targets.

While acknowledging the G20 and COP 28 pledges to triple renewable energy by 2030, he emphasised the need for more concerted efforts to meet these ambitious goals.

Addressing the challenges ahead, Sinha highlighted two critical areas of focus.

Firstly, he stressed the importance of diversifying the supply chain, expressing concerns about an overreliance on China. He proposed exploring alternative centers, such as India or the United States, to develop capacities for solar and wind turbines.

Secondly, Sinha discussed the need for securing critical minerals independently, especially for countries like India, to reduce dependence on China.

He outlined the ongoing innovations in renewable energy tenders, where projects are sculpted to meet the specific profile requirements of consumers, making it easier to integrate renewable energy into existing grids.