India Will Meet Its 500 GW Renewable Energy Goal Before the 2030 Cutoff Date: R K Singh

 India Will Meet Its 500 GW Renewable Energy Goal Before the 2030 Cutoff Date: R K Singh

According to the minister, India has a total capacity of 424 GW, of which 180 GW come from non-fossil sources and another 88 GW are under construction.

India will meet its 500 GW renewable energy target before the 2030 deadline, according to Union Power and New & Renewable Energy Minister R K Singh on Monday.

Speaking at the FICCI's India Energy Transition Summit 2023, Singh added that if India had not wasted two years as a result of Covid 19, it would already have 50% of its power generation capacity derived from RE non-fossil sources.

According to the minister, India has a total installed capacity of 424 GW, including about 180 GW from non-fossil sources and an additional 88 GW under construction.

By 2030, the nation wants to have 500 GW of renewable energy capacity.

Before 2030, "we will have 500 GW of renewable energy," he said.

The energy transition program in India, according to Singh, is the best in the world. The world's fastest capacity augmentation is RE.

Bhupinder Singh Bhalla, the secretary for new and renewable energy, stated that India installed 15 GW of renewable energy in the most recent fiscal year (2022-23); this amount will rise to 25 GW in 2023-2024; and finally, to 40 GW in 2024-2025.

He added that starting this year, 50 GW of RE projects would be put up for bid each year.

India only produces 4% of the world's carbon dioxide load, the minister pointed out, while having 17% of the world's population.

The minister also emphasized India's responsible energy consumption practices by highlighting the nation's per capita emissions, which are roughly 2.2 tonnes, much lower than the global average of 6.3 tonnes.

The minister emphasized the government's dedication to good environmental management.

According to him, India is the only significant global economy whose energy transformation initiatives are in line with keeping the increase in world temperature to within two degrees Celsius.

Additionally, he said that India had completed all of its Nationally Determined Contributions (NDCs) about ten years earlier than expected.

on order to meet our needs, we will need to invest upwards of Rs 20 trillion on transmission networks, evacuation facilities, and energy storage systems, among other things, according to Subhrakant Panda, president of FICCI and managing director of Indian Metals & Ferro Alloys.

Shivanand Nimbargi, managing director & CEO of Ayana Renewable Power and chair of the FICCI Renewable Energy CEOs Council, expressed unflinching confidence in India's progress toward its renewable energy goals.

He emphasized that significant financial expenditure was necessary to get reach 2070.

"Hundreds of gigawatts would be required if we were to achieve our goal of net zero energy use by 2070. And as for the investment itself, I believe we are in for a massive one between now and then, anywhere between $14 trillion and $17 trillion, he continued.

The FICCI Deloitte report India's Energy-Transition Pathways: A Net-Zero Perspective was also released during the occasion.

According to the paper, in a net-zero scenario with aggressive energy saving initiatives, India's ultimate energy demand is predicted to double to approximately 1200 Mtoe (millions of tonnes of oil equivalent) by 2070.

According to the analysis, India will need to invest an enormous $15 trillion to reach its net-zero emissions goal by 2070.

It emphasizes three key pillars that are expected to handle 90% of India's emissions and serve as the foundation for the country's ambitious energy transition plans.

Grid decarbonization, industrial decarbonization, and transportation transformation are these cornerstones.

Hydrogen is an effective but expensive solution, according to Dilip Oommen, executive vice president of Arcelor Mittal and CEO of AM/NS India.

Oommen concentrated on bringing down the price of renewable energy, which is essential for producing green hydrogen.

Additionally, he mentioned the potential of natural gas throughout the transition and the function of carbon pricing as a means of encouraging environmental measures.