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New energy technologies can boost economy: Report

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Research firm McKinsey has said that the adoption of new technologies in the energy sector could help boost India’s GDP. With the help of technology, the country could reach out to 80-110 million more people by 2025 besides curbing 180 million to 220 million tons of carbon emissions.

According to the December 2014 report of the research firm, the adoption of smart metering and technologies for advanced energy storage for unconventional oil and gas and solar energy can generate a market valuation between $21 billion to $27 billion by 2025.

According to report, the combined economic impact of the energy technologies could be $50 billion to $95 billion per year in 2025, including $3 billion to $24 billion in annual value from avoided carbon emissions.”

The largest potential impact is smart metering. It has the potential to save about $15 billion to $20 billion per year in 2025 in reduced transmission losses, according to report.

Moreover, it is estimated that there would be further savings from reduced load on the grid and shorter outages.

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