9DECEMBER 2024TOP STORIESTRANSPORT FACILITIES WORTH $400B AT RISK OWING TO CLIMATE CHANGEINDIA'S SOLAR CAPACITY GROWING AT A RATE OF 167 PERCENT ANNUALLYTransport assets worth approximately USD 575 billion in South Asia, including USD 400 billion in India, are exposed to climate hazards and rapid deployment of resilience measures needed to prevent risk to the sector which contributes significantly to the region's GDP, according to a report.The South Asian region faces cascading economic losses due to climate risks, with disruptions in transport having cascading effects on key sectors such as manufacturing, agriculture, and services among others, as per the report jointly published by Boston Consulting Group (BCG) and Coalition for Disaster Resilient Infrastructure (CDRI).With the frequency and severity of climate events in South Asia escalating sharply in recent years, the cost of inaction in South Asia is staggering and without strategic interventions, climate risks could derail decades of development progress, the report titled 'Transport Infrastructure Reimagined: Forging Resilient Connections ' An Integrated Framework to Unlocking Resilience Dividends for South Asia' said."With USD 400 billion worth of transport assets in India being severely exposed to the perils of disaster and climate change, rapid deployment of resilience measures is a must; innovation has a major role to play," Vineet Vijayavargia, Managing Director and Partner at BCG said in a statement.According to the report, in South Asia transport assets worth approximately USD 575 billion are exposed to climate hazards as of 2022, posing risks to a sector that contributes four to eight per cent of the region's GDP. India added 16.4 GW of solar capacity from January to September 2024, marking a 167 Percent year-on-year increase, according to a report by Mercom Capital. This surge was attributed to the commissioning of several previously delayed projects. In the same period in 2023, India had installed only 6.2 GW of solar capacity.The 'India Solar Market Update' report highlighted that solar installations in the July-September 2024 quarter reached 3.5 GW, a 78 Percent increase compared to 2 GW installed during the third quarter of 2023.As of September 2024, India's total installed solar capacity stood at 89.1 GW, with utility-scale projects accounting for more than 86 Percent and rooftop solar systems comprising the remaining 14 Percent. Solar power now contributes to nearly 20 Percent of India's total installed power capacity and over 44 Percent of the nation's renewable energy capacity.Top performing states in terms of large-scale solar capacity were Rajasthan, Gujarat, and Karnataka.The report also noted a record-breaking number of solar tenders announced in 2024. 57.6 GW of tenders were introduced in the first nine months of 2024, a 40 Percent increase compared to 41.1 GW in 2023. During Q3 2024, 16.2 GW of tenders were announced, reflecting a 19 Percent rise over the 13.6 GW announced in the same quarter of 2023.This accelerated solar expansion underscores India's commitment to renewable energy development and its efforts to meet ambitious clean energy goals.
< Page 8 | Page 10 >