Home / Brand Stories / India’s non-fossil energy has grown by 25 per cent in 7 years
Back
PARTNERED

India’s non-fossil energy has grown by 25 per cent in 7 years

Mint Energyscape Conclave 2022Premium
Mint Energyscape Conclave 2022

The Mint Energyscape Conclave 2022, presented by Livemint in association with Amplus Solar, delved into India’s energy transition journey, the efforts undertaken, and how climate change is affecting India’s green energy goals at a time when there is no immediate alternative for coal as a fuel

At a time when the global energy markets have been buffeted by headwinds such as the Ukraine war, a rally in international energy prices, and increasing geo-political uncertainties, India seems steadily committed to the cause of combating climate change. At present, the country ranks fourth in the world in terms of installed renewable energy capacity, and this figure is only increasing from here.

Over the last seven years, India’s non-fossil fuel energy has grown by over 25 per cent. The results are more staggering when seen from the perspective of solar power generation, which witnessed a 34 per cent YoY increase in the first half of 2022 when the country generated 47.64 BU of solar power. By 2027, India will have 150GW of installed solar capacity.

The first panel discussion at the conclave, titled 'India’s energy transition pathways and its global impact'
View Full Image
The first panel discussion at the conclave, titled 'India’s energy transition pathways and its global impact'

As we pledge to reach net zero emissions by 2070, the Amplus Solar presents Mint Energyscape Conclave 2022 – Navigating India’s Energy Security Imperative, delved deeper into India’s energy transition journey. Experts at the conclave deliberated upon the efforts that have been undertaken to achieve climate goals, and how climate change is affecting India’s green energy goals at a time when there is no immediate alternative for coal as a fuel for providing the base load for India’s energy mix.

With the proposed carbon tax by the European Union and the growing focus on ESG investing, several large corporates are trying to brace themselves for the transition that is coming. In the backdrop of fears of an impending global recession, the panels also looked at the new technologies in energy efficiency, carbon reduction and green fuels technologies such as green hydrogen among others.

The second stimulating panel discussion at the conclave, titled 'New and old energy sources in turbulent times'
View Full Image
The second stimulating panel discussion at the conclave, titled 'New and old energy sources in turbulent times'

The day-long event held in New Delhi on November 18 started with an opening address by Sruthijith KK, Editor-in-chief, Mint who spoke about how discussions around energy and energy security have gained tremendous importance over the years at home and overseas.

“Today it is hard to think of anything else that dominates conversations around the world. More than energy, we are now witnessing how nations that did not adequately secure their energy interests are suffering. We are seeing the advantages that Euro nations with relatively stronger energy positions are in and how they are benefiting. There is a lot of cautionary tale in all of this," he said.

India’s energy transition pathways and its global impact

A country like India has massive energy needs and the scale of energy transition is also going to be as vast. Prime Minister Narendra Modi made a pledge at the COP26 summit in Glasgow in November last year to cut India’s total projected carbon emissions by 1 billion tonnes by 2030.

With the commitment also including reducing the carbon intensity of the nation’s economy by less than 45 per cent by the end of the decade and net-zero carbon emissions by 2070, a host of opportunities have opened up for India Inc in fields such as Electric Vehicles (EVs) and energy storage.

But, meeting half of India’s energy needs from renewable energy by 2030 and increasing non-fossil fuel power generation capacity to 500GW by the end of this decade is an ambitious target that offers an unique set of challenges and opportunities. A case in point being India planning to set up a $5 billion fund for financing the green mobility push.

The first panel discussion at the conclave, titled “India’s energy transition pathways and its global impact" saw a cross section of experts from diverse backgrounds come together to deliberate upon how India has fared on its transition journey to renewable energy, policy measures being undertaken and where the world sees us in this space today. The panel also delved into Mission Hydrogen which is expected to offer a lot of impetus to the renewable energy transition in India and the transition of the market from one which is fossil fuel oriented to non-fossil fuel oriented.

The panel saw in attendance Alok Kumar, Union Power Secretary, Pramod Agrawal, Chairman, Coal India Limited (CIL), Suman Sharma, Managing Director, Solar Energy Corporation of India (SECI), Gauri Singh, Deputy Director-General, International Renewable Energy Agency (IRENA) and Sharad Pungalia, Managing Director and Chief Executive Officer, Amplus Solar. The session was moderated by Utpal Bhaskar, Chief of Bureau, Mint.

New and old energy sources in turbulent times

India has the third largest reserves of coal in the world. In order to ensure energy security for the country, coal is here to stay as a source of creating power. But, India’s power requirement is expected to touch 1,650.59 BUs, up from 1,275.53 BUs in FY21. As our demand grows, the other sources of energy will fill in the gaps and meet the increased demands.

The winds of change are already coming. According to the Central Electricity Authority (CEA), our share of renewable energy generation will increase from 18 per cent to 44 per cent and thermal energy will reduce from 78 per cent to 52 per cent by FY 29-30. As of 2020, India is ranked fourth place in wind power, fifth place in solar power and fourth place in renewable power installed capacity. By the year 2031, the country plans to set up 21 new nuclear power reactors with a total installed capacity of 15,700 MW.

The second stimulating panel discussion at the conclave, titled “New and old energy sources in turbulent times", looked at how the transition from old to new energy sources has been unfolding for India, how equipped we are as a country to raise finances for this transition, and lessons that we can learn from countries like Brazil which are pioneers in this space.

The panel for the second discussion included Andre Aranha de Lago, Ambassador of Brazil to India, Rajesh Kumar Srivastava, Chairman and Managing Director, Oil and Natural Gas Corporation (ONGC), Vivek Kumar Dewangan, Chairman and Managing Director, REC Limited, Mahua Acharya, Managing Director and Chief Executive Officer, Convergence Energy Services Ltd and Neeraj Menon, Partner, Trilegal. This session was also moderated by Utpal Bhaskar from Mint.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout
x