A second wind for India’s energy market: financing mechanisms to support India’s National Wind Energy Mission
India is struggling with skyrocketing energy demands, declining energy supplies, and peak load blackouts and shortages that limit energy access. The country’s recent economic growth has depended largely on fossil fuels, resulting in greater energy security concerns, higher electricity pricing, and increased pollution. At the same time, the Indian government recognizes that wind energy can be a significant clean energy resource. Supported by initial government policies, India is already the fifth-largest wind energy producer, achieving 20 gigawatts (GW) of installed wind power. Yet, much more can be achieved. India’s wind energy production can grow at least four to five times its current level to achieve the country’s 100 GW wind energy potential. To achieve the higher potential, the government announced plans in 2014 to launch a National Wind Energy Mission. Designing strong policies and programs that attract investment is essential to scale wind power to reach 100 GW and to breathe new life into India’s wind energy market.