Renewable energy technologies have experienced rapid deployment over the past few years, mainly driven by the ambition to improve energy security, enhance energy access and mitigate climate change. Many countries are now exploring ways to stimulate social and economic growth through the development of the renewable energy sector. Investment in renewable energy can generate new sources of growth, increase income, improve trade balances, contribute to industrial development and create jobs. While such socio-economic benefi ts are increasingly gaining prominence in the global renewable energy debate, specifi c analytical work and empirical evidence on this important subject remain relatively limited.
The “Analysing the Market Outlook of Wind Power in India-2014” market research report bridges the knowledge gap with a holistic analysis of the environmental, social
and economic value created from large-scale solar and wind energy deployment. In doing so, it offers a new conceptual framework in support of ongoing analytical
work conducted by iData Insights in the Clean Energy Ministerial with a view to reinforcing the economic and business case for renewable energy.
The report highlights the signifi cant potential for value creation along the different segments of the value chain for technologies, including project planning,
manufacturing, installation, grid connection, operation and maintenance and decommissioning. Additional opportunities for value creation arise from supporting
activities, such as education and training, fi nancing and policy making. To benefit fully from the socio-economic impacts of renewable energy, the right mix of ross-sectorial policies, covering deployment and industrial policies, is needed. Building a domestic renewable energy industry requires stimulating investments, strengthening fi rm level capabilities, promoting education and training, and encouraging research and innovation.
The State case studies presented here demonstrate that there is no one-size-fits-all policy solution to maximize value creation and that successful policy making requires close coordination and engagement of divers stakeholders. The report underlines the need for sound quantitative analysis of expected socio-economic available for such estimations, gives guidance for selecting the most appropriate among them, and emphasizes the importance of comprehensive data for such analysis.
We are confi dent that the fi ndings in this study will further strengthen the business case for renewables, as well as provide a valuable reference point in discussions on value-creation opportunities. The recommendations of the report can contribute to policy design and implementation that maximise economic benefi ts from the transition to a sustainable energy future.