New Delhi
India’s Power and New & Renewable Energy Minister, R.K Singh, expressed confidence that the country will achieve its target of producing 500 GW of renewable energy well ahead of the 2030 deadline. He made this statement during his address at FICCI’s India Energy Transition Summit 2023. Singh further stated that if India hadn’t lost two years due to the COVID-19 pandemic, it would have already achieved the goal of setting up 50 percent of its power generation capacity based on non-fossil fuels. Currently, India has 424 GW of power generation capacity in place, including approximately 180 GW from non-fossil fuels, with an additional 88 GW in the process of being set up. We will achieve 500 GW of renewable energy (RE) well before 2030…The RE capacity addition is the fastest in the world, Singh added. Bhupinder Singh Bhalla, New and Renewable Energy Secretary, stated that India added 15 GW of renewable energy in the last financial year (2022-23), which will be increased to 25 GW in 2023-24 and further stepped up to 40 GW in 2024-25. He also mentioned that 50 GW of RE projects will be put up for bidding annually starting this year. India’s commitment to climate action, as outlined in the Panchamrit Statement, emphasizes energy transition as a crucial pillar of the country’s climate action plan. The launch of the National Green Hydrogen Mission has further accelerated efforts and initiatives toward a green transition. FICCI organized the 2nd Edition of the India Energy Transition Summit with a focus on developing an enabling Green Hydrogen ecosystem in the country. The event also highlighted solar and wind energy, international collaborations, pumped storage, battery energy storage, financing, and capacity augmentation.
