India’s manufacturing sector has long been an outlier among the world’s major economies.
But a new era of industrial green kitchen, as green as the trees and green as grass, is poised to change that.
According to a report by Bloomberg, the world is on track to become a greener industrialised nation by the end of this decade.
India is poised for a $200bn-plus economic expansion, and its economy will surpass the $1tn mark by 2022, according to a Bloomberg New Energy Finance report.
That will leave the country in a position to overtake China as the world leader in solar, wind and biomass generation, the report said.
India’s new green economy will bring in around $1,300 in annual income to the average worker, the authors wrote, compared with $1 for a typical US worker.
“It’s a significant milestone, not just for India but for the whole world,” said Dr Keshav Thakur, chief executive officer at Indian Solar, an Indian company that manufactures solar panels.
“It is very, very significant for the entire solar energy sector and the whole clean energy sector in the world.
We have the opportunity to become one of the fastest growing solar energy sectors in the global economy.”
India is not the only country making strides towards industrial greenerism.
In Australia, a $300m pilot project to build a green industrial hub is under way, while France and Germany are also working on industrial green kitchens.
While the idea of industrial greasing is nothing new in India, it has long struggled to take off.
But it is now becoming a reality, thanks to a surge in solar energy production, and a shift towards greener packaging.
The new green industrial hubs will include solar parks, factories and farms, as well as green waste management systems, which can capture and store excess CO2 from manufacturing.
The process can be a lot more efficient than the old ways of storing it, but the companies will still need to take advantage of the fact that there are now solar parks and factories in every part of the country.
Green energy and climate change India’s green energy sector is projected to generate over $50bn of revenue in 2021, up from $27bn in 2020, according to a report published in the Journal of the American Institute of Agricultural Economics.
India has also become the first country to generate more electricity from renewables than from coal, according a report released last year by the International Renewable Energy Agency (IRENA).
It’s not just the country’s burgeoning solar energy industry that will be a boon for the economy.
According to a study by Bloomberg New Economy, India is set to double its solar panel production by 2030, and has seen its per capita consumption of energy soar by more than 400 per cent in the last decade.
Indian consumers have also seen their electricity bills increase by more for each kilowatt hour they have consumed over the last five years, the study found.
By the end, solar panels could account for nearly a quarter of India’s total power generation.
There is a growing awareness of India as a world leader, and it is only a matter of time before it becomes a manufacturing powerhouse.
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