On Monday, 25 September, India's New and Renewable Energy Minister Raj Kumar Singh expressed confidence that India will achieve its target of producing 500 GW of renewable energy well ahead of the 2030 deadline.
Speaking at the Federation of Indian Chambers of Commerce and Industry (FICCI) summit on India's clean energy transition in 2023, the minister said that if the country had not lost two years due to the COVID-19 pandemic, it would have achieved the target of 50 per cent non-fossil fuel generating capacity by now.
The minister said India has 424 GW of generating capacity, including about 180 GW in non-fossil fuels, with another 88 GW in the process of creation.
"We will reach 500 GW of renewable energy well before 2030. The growth in renewable energy capacity is the fastest in the world," added Singh.
Speaking at the event, Deputy Minister for New and Renewable Energy Bhupinder Singh Bhalla said that in the last financial year (2022/23), India has commissioned 15 GW of renewable energy, which will be increased to 25 GW in 2023/24 and then to 40 GW in 2024/25. He also said that 50 GW of renewable energy projects will be put up for bidding every year from this year onwards.
In the Indian Prime Minister's National Statement at the COP26 Summit in Glasgow on 1 November 2021, he proposed a "panchamrit" - five elements to combat climate change. According to it, India's climate change commitments include energy transition as a critical component of the climate action plan. The launch of the National Green Hydrogen Mission also gave impetus to stakeholder efforts and initiatives.
FICCI organised the 2nd India Energy Transition conference, focusing on developing a favourable green hydrogen ecosystem in the country, and highlighting solar and wind energy, international cooperation, pumped and battery energy storage, financing and capacity building.
Besides policy makers and top government officials, the event will be attended by financial institutions, project developers, manufacturers, consumers, technology companies, startups, foundations, research and training institutes, as reported by IANS, a partner of TV BRICS.Photo: istockphoto.com