In this article, we will discuss India and Renewable Energy. So, let’s get started.
India and Renewable Energy
- A historic rise was seen in CO2 emissions in 2021 due to a sudden spike in oil and coal consumption.
- With just 2% of pandemic recovery finance spent on clean energy, emissions are expected to reach an all-time high in 2023.
- Although an energy economy founded on clean pathways is emerging, energy transformation has a long way to go.
Initiatives taken by India
- In 2019 India announced that it would take up its installed capacity of renewable energy to 450 GW by 2030.
- At CoP26, India committed 50% of its total power generation from Renewable Energy.
- The Production Linked Incentive Scheme (PLI) scheme is another initiative of the Government of India with respect to enhancing the manufacturing sector for the production of raw materials for renewable energy.
- The PM- KUSUM (Pradhan Mantri-Kisan Urja Suraksha evam Utthaan Mahabhiyan) aims to provide financial and water security to farmers through harnessing solar energy capacities of 25,750 MW by 2022.
- Solarisation of water pumps is a step in distributed power provided at the doorstep of the consumer.
- The Ministry of New and Renewable Energy on its website also hosts Akshay Urja Portal and India Renewable Idea Exchange (IRIX) Portal.
- IRIX is a platform that promotes the exchange of ideas among energy conscious Indians and the Global community.
- India’s decision to achieve ‘net zero’ by 2070 has been hailed globally as a game changer. The country has made reasonable progress by reaching nearly 110 GW of RE by the end of March 2022.
- It has also committed $35 billion of the $122 billion in energy-related funding to renewables, almost twice the amount allotted to fossil fuels.
