In this current geopolitical climate, energy security and climate change mitigation have become the major concerns for all nations, and transition to green energy has emerged as a key priority area. Along with governments and utilities, it is actually the corporate establishments that are taking encouraging and impressive steps to green their energy mix.
Like the rest of the world, green power procurement by corporates has grown tremendously in India over the past few years. Impressively, various Indian corporates have made ambitious pledges to achieve net zero ambitions and completely transition to renewable energy for meeting their power requirements.
For energy-intensive commercial, industrial, and even institutional establishments, procuring renewable energy through onsite or offsite projects is usually more cost-effective than buying power from discoms. Further, investors and consumers alike are now increasingly opting for greener and environmentally conscious brands. The emergence of attractive opex-based business models has further helped the renewables case. In fact, the corporate sector has emerged as a large market for the renewables space, with many specialised developers catering to solely these consumers.
Finally, the Indian policy and regulatory framework has evolved over the years, with enabling interventions, making this switch to green power possible. The green open access rules, net and gross metering frameworks, green power markets and ease in setting up rooftop solar systems have made renewable power procurement accessible for various consumers across all verticals.
On the plus side, the corporate market is still expanding rapidly and can contribute significantly to India’s green energy transition journey. What is needed to make this possible is sustained and consistent policy and regulatory frameworks for long-term visibility.
