India’s green energy economy received $7.27 billion FDI since 2014-15

  • In Glasgow last month, Prime Minister Narendra Modi promised to bring down India’s total projected carbon emission by 1 billion tonnes by 2030, reduce the carbon intensity of nation’s economy by less than 45% by the end of decade and have net zero carbon emissions by 2070

Livemint
First Published28 Dec 2021
India has the fourth largest wind power capacity in the world.
India has the fourth largest wind power capacity in the world.

NEW DELHI: India’s green energy industry received foreign direct investment (FDI) worth $7.27 billion from 2014-15 till June 2021, according to Ministry of New and Renewable Energy (MNRE). Of this$797.21 million came during 2020-21.

“India’s renewable energy programme is driven by private sector investment. As per REN21 Renewables 2020 Global status Report , during the period 2014 -2019 renewable energy programmes and projects in India attracted an investment of $64.4 billion. In the year 2019 alone, $11.2 billion were invested,” MNRE said in a statement.

According to the government, installed power capacity from non-fossil fuels will go up to 66% by 2030. Also, India has already reached an emission reduction of 28%.

“India has achieved its NDC target with total non-fossil based installed energy capacity of 157.32 GW which is 40.1% of the total installed electricity capacity,” the statement said.

India recently announced reducing net carbon emissions to zero by 2070 at COP26 in Glasgow. The union government has started work to realise the targets with the union budget for 2022-23 likely to announce waiver of 400 cess on every tonne of coal used by power projects meeting emission norms as reported by Mint on Tuesday.

India has the fourth largest wind power capacity in the world.

“The country’s installed Renewable Energy (RE) capacity stands at 150.54 GW (solar: 48.55 GW, wind: 40.03 GW, Small hydro Power: 4.83, Bio-power: 10.62, Large Hydro: 46.51 GW) as on 30.11.2021 while its nuclear energy based installed electricity capacity stands at 6.78 GW. This brings the total non-fossil based installed energy capacity to 157.32 GW which is 40.1% of the total installed electricity capacity of 392.01 GW,” the statement said.

In Glasgow last month, Prime Minister Narendra Modi promised to bring down India’s total projected carbon emission by 1 billion tonnes by 2030, reduce the carbon intensity of nation’s economy by less than 45% by the end of decade and have net zero carbon emissions by 2070. The commitment also includes to meet 50% of India’s energy requirements from renewable energy by 2030 and increase non-fossil fuel power generation capacity to 500 GW by end of this decade.

"As on 30.11.2021, 52 solar parks have been sanctioned with a cumulative capacity of 37.92 GW in 14 states,” the statement said and added, “As on 30.11.2021, a cumulative 5.7 GW solar roof top projects have been set up in the country.”

According to the Central Electricity Authority, by 2030, India's power requirement will touch 817 GW, more than half of which would be clean energy, and 280GW would be from solar energy alone.

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