In the Budget speech this year, the Finance Minister, Nirmala Sitharaman, emphasised the role of cleaner technologies such as solar energy and batteries in India’s future economic growth. In addition, she mentioned the importance of transitioning to a circular economy from the existing linear one.
Market estimates
The call for a creation of a circular economy is significant since an efficient waste management ecosystem would be necessary to manage the enormous waste generated by renewable energy projects in the coming decades. According to the International Renewable Energy Agency (IRENA) — an intergovernmental organisation that supports countries in their transition to a sustainable energy future — the cumulative waste generated by India’s total installed solar capacity could be as high as 325 kilotonnes by 2030. A consulting firm, JMK Research and Analytics, estimates that the market for battery recycling will be around 23 Gigawatt hours (GWh) by 2030. The prevalence of a circular economy could also partially insulate these industries from potential supply chain shocks triggered by extraneous developments.
