Cement Manufacturers Association (CMA)

76 Conclusion Today, renewable energy is the most affordable source of power in most parts of the world. Prices for renewable energy technologies are dropping rapidly. Over 90% of new renewable projects are now cheaper than fossil fuels alternatives. At the same time, solar and offshore wind are now respectively 41% and 53% cheaper than fossil fuels. Renewable energy sources such as solar & wind power have developed significantly, but they continue to pose challenges. The energy generated by these sources is subject to availability of abundant sunlight and strong winds. Declining prices are making renewable energy more attractive worldwide including to low and middle-income countries, where most of the future demand for new electricity will arise. This creates a real opportunity for much of the new power supply over the coming years to come from low-carbon sources. By 2040, Asia could generate around 2 times more electricity than it needs from renewable energy sources. Renewable energy can also help meet new electricity demand, particularly for Artificial Intelligence (AI) and data centres. A typical AI data centre eats up as much electricity as 1,00,000 homes. Every major tech firm should switch to 100% renewables to power data centres by 2030. Cheap electricity from renewable sources could provide 65% of the world's total electricity supply by 2030. It could decarbonize 90% of the power sector by 2050, massively cutting carbon emissions and helping to mitigate climate change. According to the World Health Organization (WHO), due to unhealthy levels of fine particulate matter and nitrogen dioxide originate mainly from the burning of fossil fuels uses & high GHG emissions, about 99% of people in the world breathe air that exceeds air quality limits and threatens their health. Air pollution is associated with 7 million premature deaths every year. The economic health damage caused by air pollution amounts to Rs. 7,68,64,018 crores a year, equivalent to 6.1% of global GDP. Switching to clean sources of energy, such as wind and solar, helps address not only climate change but also air pollution and health. References 1. www.renewableinstitute.org 2. www.iea.org 3. www.pib.gov.in 4. www.birlacorporation.com