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Working Paper: The extent requisite investment determines the success of Indian solar policies
Tristan B. McPhail , Mitul R. Gouni , Ashim Pandey
To cite: Working paper. No referencing without approval.
Highlights
This is a youth-led research study. Youth researchers took all initiatives and made all decisions throughout the entire research process.
This study adopts a mixed-method approach for policy analysis which addresses the need for thorough and accurate interpretation while giving attention to the interdisciplinary nature of the research topic.
This original study recognizes that despite the great economic disadvantages developing countries face, some of these economies are leading the world in sustainable development, and that their great potential can not be ignored.
ABSTRACT
Objectives In this study, we aim to uncover the contributing factors behind India’s phenomenal success in renewable energy (RE) development, specifically the relations between requisite investment and solar policy success.
Methods In this study, we adopted a mixed-method approach that begins with an in-depth qualitative analysis of 10 Indian solar energy development policies and completes with a quantitative step verifying the correlation between requisite investment and solar policy success using linear regression modeling.
Results Both qualitative and quantitative analyses showed that the positive correlation between requisite investment and successful implementation of a solar policy is considerable and identifiable.
Conclusion Despite previous findings indicating that the need for substantial financial support negatively impacts the enforcement of renewable energy policies in developing economies, our findings indicate that developing economies not only are capable but succeeding in RE policies that require large investments.
Keywords renewable energy, solar policy, investment, developing countries, mixed method
INTRODUCTION
© Author(s) 2022. Re-use permitted under CC By-NC.
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Youth Research Vox,
Los Angeles, CA, U.S.
Correspondence to
Tristan B. McPhail
tristan@youthresearchvox.org
The International Energy Agency released a report in 2021 describing India as on the “cusp of a solar‐powered revolution”. According to Josh Gabbatiss (2021) from the Carbon Brief “renewable deployment has already been picking up pace (in India) in recent years, with the nation adding nearly five times as much solar capacity in 2019 as it did in 2015.”
Developing countries have less money to invest in solar energy policies, yet they are usually hit the hardest by Co2 emissions and climate change (USGLC, 2021). To better understand the
great strides India has taken in regard to its implementation of solar policies and how this development can be applied in other developing countries, this research paper examines the importance of requisite investment for the success of solar policies in India.
Currently there is a vast collection of both empirical and theoretical studies regarding the effective development of renewable energy policies (REP/RE) in developed countries (Roberts, 2017; Lamm, 2000), yet there is a void of research, specifically for empirical studies, on REPs in developing countries. Although the correlation between the initial pledged investment or requisite investment by the government for a REP has been studied in detail for major developed countries, insufficient attention has been given to this correlation in developing economies. It is generally assumed that REPs that require a greater pledge of investment are less effective as the government must prioritize investment elsewhere and the cost of such policies is a major obstacle to effective implementation. However, this research paper suggests that the initial pledge that a solar policy requires to be implemented correlates with a higher rate of successful implementation in developing countries.