India has already achieved emission reduction of 28 per cent over 2005 levels, against the target of 35 per cent by 2030 committed in its NDC (Nationally determined contributions). This makes India among one of the few countries, which has kept to its Paris Climate Change (COP21) commitments along with an exponential increase in renewable energy capacity.
Considering the pace of development in the energy sector, India is determined to not only achieve, but to exceed its NDC commitments well within the committed time frame, said Union Minister of Power and New and Renewable Energy RK Singh.
The Minister, who is also president of International Solar Alliance, said this while addressing the ‘INDIA-ISA Energy Transition Dialogue 2021’ organized by the International Solar Alliance (ISA) and the Union Ministry of New and Renewable Energy (MNRE).
POLICIES AND REGULATIONS
The Minister said that the Government enacted favorable polices and regulations to boost the clean energy sector. “India has been aggressively pushing for energy efficiency improvements for the past two decades through a combination of innovative market mechanisms and business models, institutional strengthening and capacity building, as well as demand creation measures,” he said.
Singh further noted that the key was to allow the regulatory and policy support to keep the sector afloat until the supply-side strengthens, technology develops, and competitive market takes root resulting in a fall in prices, and the industry becomes self-sustainable. He said that it is anticipated that by 2050, 80-85% of India’s overall power capacity will come from renewables. India has already touched 200 GW of peak demand. The demand had crossed what it was during pre-COVID time and it is expected that electricity demand will continue to rise. This gives us the space for adding more renewables capacity, but it will call for power system flexibility and introduction of various storage technologies.
The Minister also informed the meeting that the Indian Power Sector achieved the coveted milestone of 100 GW of installed Renewable Energy Capacity. While 100 GW of capacity has been installed and operationalized, 50 GW of additional capacity is under installation and another 27 GW is under tendering process, he said.
The country planned to systematically scale up its targets to install 450 GW of renewable energy capacity by 2030 from its existing target of 175 GW by 2022.
Noting that private sector continued to strengthen the supply side through capacity building exercises, Minister Singh said Dedicated Green Energy Corridors initiated by the MNRE have made it easier for renewable energy developers to avail grid connectivity and evacuate up to 40,000 MW of large-scale renewable energy from renewable energy-rich parts of India. Going ahead, similar initiatives would be employed to push for adoption and installation of floating solar power plants in water bodies and reservoirs across the country.
He also claimed that India was a global champion for the Energy Transition in taking the lead to support a global energy transition that is just, inclusive, and equitable.
The minister urged countries from around the world to have discussions on core issues, and embark upon ways to facilitate realistic energy transition and high renewable energy penetration.