Power and New & Renewable Energy Minister R.K Singh on Monday expressed confidence that India will achieve its target of producing 500 GW renewable energy well ahead of the 2030 deadline.
Addressing apex business chamber FICCI's India Energy Transition Summit 2023, the minister further stated if the country had not lost two years due to the COVID-19 pandemic, it would have achieved the goal of setting up 50 per cent of its power generation capacity based on non-fossil fuels, by now.
India has 424 GW of power generation capacity in place which includes around 180 GW from non-fossil fuels and another 88 GW is in the process of being set up, the minister said.
"We will achieve 500 GW of renewable energy (RE) well before 2030…The RE capacity addition is the fastest in the world,” Singh added.
Speaking at the event, New and Renewable Energy Secretary Bhupinder Singh Bhalla said India added 15 GW of renewable energy in the last financial year (2022-23) which would be enhanced to 25 GW in 2023-24 and then stepped up to 40 GW in 2024-25. He also said 50 GW of RE projects would be put up for bidding annually from this year onwards.
India’s commitments towards climate action in the Panchamrit Statement as a 5-point agenda makes Energy Transition as the most important pillar for the country’s climate action plan. The launch of the National Green Hydrogen Mission has also given a boost to the efforts and initiatives of the stakeholders towards green transition.
FICCI has organised a 2nd Edition of India Energy Transition with a special focus on development of an enabling Green Hydrogen ecosystem in the country, while simultaneously also highlighting solar and wind energy, international collaborations, pumped storage and battery energy storage, financing and capacity augmentation.
Apart from policy makers and senior government functionaries, financial institutions, project developers, manufacturers, user industry, technology companies, start-ups, foundations, research and training institutions, bilateral and multilateral agencies are attending the event.