Status of Renewable Energy in India

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Context:

The Prime Minister highlighted the importance of India in the 21st century, in his address at the 4th edition of Global Renewable Energy Investors Meet and Expo (RE-INVEST 2024) in Gandhinagar.

Renewable energy

• Renewable energy is energy that comes from natural sources that are replenished faster than they are consumed.
• Renewable energy sources are sustainable and can't run out, unlike non-renewable energy sources like coal, oil, and gas. Renewable energy is also known as clean energy.
• Examples of renewable energy sources include wind power, solar power, bioenergy (organic matter burned as a fuel) and hydroelectric, including tidal energy.

For further study refer to the following article: https://www.iasgyan.in/blogs/renewable-energy-in-india

Status of Renewable energy in India:

• About 13.5 GW of renewable energy capacity added during the calendar year 2023.
• India, 4th globally in Renewable Energy Installed Capacity, 4th in Wind Power capacity and 5th in Solar Power capacity.
• India has a combined renewable energy installed capacity of 199.52 GW, as of August 2024.

About RE-INVEST 2024.

• It is a global platform bringing together key players in the renewable energy sector.
• It is organised by the Ministry of New and Renewable Energy (MNRE) in collaboration with the Confederation of Indian Industry (CII).
• This was the fourth edition of the Global Renewable Energy Investors Meet and Expo (RE-INVEST 2024).
• It featured nearly multiple sessions, including a Chief Ministerial Plenary, a CEO Roundtable and technical sessions.
• The conference discusses the future of energy, exploring trends, technologies, and policies which help in achieving UN SDGs 7 and 13. (SDG 7: Affordable and Clean Energy, SDG 13: Climate Action. )

Government initiatives:

• Cabinet approved the Viability gap funding scheme for offshore green energy projects with an outlay of ₹Rs 7000 crore.
• Cabinet also approved more than ₹12,000 crore for 31,000 MW hydropower generation.
• The Union government has set aside a ₹1 trillion research fund for electric mobility and high-performance biomanufacturing.
• National Green Hydrogen Mission aims to produce 5 million metric tonnes (MMT) of green hydrogen per annum with the aim of a renewable energy capacity of about 125 GW by 2030.
• Under The ‘PM Surya Ghar Muft Bijlee Yojana’, “a unique rooftop solar scheme”, the government provides funds and helps in the installation of solar rooftops in every household.
• Up to 100% FDI is allowed under the automatic route for renewable energy generation and distribution projects.

Other Initiatives:

• Green Energy Corridor: Approved plans for a power transmission system in Ladakh to support 13 GW of renewable energy.
• PLI Scheme Solar Cell Manufacturing: The PLI scheme aims to boost production of high-efficiency solar panels with ₹19,500 crore in funding.
• Solar Parks: 50 solar parks approved, with a total capacity of about 37,490 MW.
• PM KUSUM Scheme: Expanded to install 49 lakh solar pumps, simplifying guidelines for land use.
• Bioenergy: Promoting biomass use, with new biogas plants and projects underway. The National Policy on Biofuels 2018 specifically promotes advanced biofuels to achieve a target of 20% blending of biofuels with fossil fuels.
• Union Budget 2024 provisions: Various incentives including exemption of Basic Customs Duty (BCD) on imports of 25 critical minerals important for the renewable energy sectors have also been announced.

For further reading about them refer the following articles:

Green Energy Corridor

PLI Scheme Solar Cell Manufacturing

Solar Parks

PM KUSUM Scheme

Bioenergy

Bio E3 (Biotechnology for Economy, Environment, and Employment) policy

Union Budget 2024 provisions

Sources:

https://www.thehindu.com/news/national/gujarat/pm-modi-inaugurates-global-renewable-energy-investors-meet-in-gujarat/article68647508.ece

https://pib.gov.in/PressReleasePage.aspx?PRID=1992732