Analysis of India's New and Renewable Energy Market and Policies and Implications for Korea-India Cooperation

Hyoungmin Han ()
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Hyoungmin Han: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP), Postal: [30147] Building C Sejong National Research Complex 370 Sicheong-daero Sejong-si Korea, https://www.kiep.go.kr/eng/

No 23-2, World Economy Brief from Korea Institute for International Economic Policy

Abstract: The importance of new and renewable en-ergy has been drawing attention since the Paris Climate Agreement was adopted in 2015. In response to the Paris Climate Agreement, the Korean government declared carbon neutrality by 2050 and announced policy plans to create a low-carbon ecosystem in 2020. However, the domestic new and re-newable energy market is limited, making it difficult to mass-produce power generation devices. In addition, the international community's transition to a low-carbon ecosys-tem is rapidly taking place. To achieve 2050 carbon neutrality, it is necessary to secure Nationally Determined Contributions (NDC) through various overseas cooperation pro-jects. Thus, it is believed that energy cooperation with developing countries is needed to expand domestic markets and to achieve overseas NDC reduction targets. Considering India's recent market expansion and active policy in the area of renewable energy, India can be a good partner for Korea in the renewable sector. To have a clear understanding of India’s renewable energy market, we conduct the analysis on India’s renewable energy market and policy, which we will explore in this article.

Keywords: New and Renewable Energy; India; Cooperation (search for similar items in EconPapers)
Pages: 5 pages
Date: 2023-02-01
New Economics Papers: this item is included in nep-des, nep-ene and nep-env
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