NEW DELHI :
India on Tuesday announced an ambitious aim to set up 500 gigawatts (GW) of renewable energy capacity by 2030 in what could potentially help the country reshape the global energy market dynamics. The plans were revealed by ministry of new and renewable energy secretary Anand Kumar on Tuesday at the 17th meeting of the International Renewable Energy Agency (IRENA) council in Abu Dhabi.
The announcement comes against the backdrop of the National Democratic Alliance (NDA) government running the world’s largest renewable energy programme and plans to achieve 175GW of renewable energy capacity by 2022 as part of its climate commitments. India currently has an installed renewable energy capacity of around 80 gigawatts.
“India would have installed 175GW of RE (renewable energy) capacity by 2022 without taking into account large hydro and 225GW including large hydro. By 2030, India plans to establish 500GW of renewable energy capacity," Kumar said, according to a statement issued by the renewable energy ministry.
Of the targeted 175GW, 100GW is to come from solar projects. It will comprise 60GW from ground-mounted, grid-connected projects, and 40GW from solar rooftop projects. Wind power projects will contribute 60GW.
The government plans come in the backdrop of the NDA government’s agenda of providing reliable, sustainable and affordable electricity to the masses in its second term and focusing on changing the energy mix towards green energy sources.
Also, as part of the new hydro policy, large hydropower projects have been declared as renewable energy sources, making them a part of the renewable purchase obligation, which requires power discoms to buy a fixed amount of renewable energy to cut reliance on fossil fuels.
“In his speech at IRENA meet, Shri Kumar stressed that fighting against climate change and adoption of renewable energy is a matter of faith and commitment for India," said the statement.
There has been growing interest in India’s emerging green energy sector. Earlier in June, sovereign wealth funds GIC Holdings Pte Ltd and Abu Dhabi Investment Authority agreed to invest $495 million in Greenko Energy Holdings, in one of the largest funding rounds by an Indian clean energy producer.
Also, oil giants such as Russia’s Rosneft, Norway’s Statoil ASA, France’s Total SA and Royal Dutch Shell Plc are looking to diversify and invest in India’s green economy as the conventional hydrocarbon space undergoes technological disruption. For example, Malaysia’s state-run oil and gas company, Petroliam Nasional Berhad or Petronas has acquired Amplus Energy Solutions Pvt. Ltd, one of India’s largest rooftop solar power producers.