India is firmly committed to achieving the goal of 500 GW of non-fossil fuel-based generation capacity by 2030, he said.
India's renewable energy capacity addition almost doubled to 15GW during the April-November period of this fiscal compared a year ago, indicating India's commitment towards the target of 500GW non-fossil capacity by 2030, Union New & Renewable Energy Minister Pralhad Joshi said on Tuesday.
Addressing at CII International Energy Conference & Exhibition 2024 here, Joshi said, "In fact, over the past decade, under the visionary leadership of Prime Minister Narendra Modi, India has charted an extraordinary path in the renewable energy sector. Today, India is one of the world's most promising nations in the clean energy space."
Between April-November of the current financial year, India added almost 15 GW of renewable energy capacity, nearly double the 7.54 GW added during the same period last year, he said.
At present, India's total installed capacity of the non-fossil fuel sector has touched 214 GW, over 14 per cent increase compared to the same month last year.
The government is transforming the entire energy sector as this transformation is driven by a strong belief that a Viksit Bharat by 2047, is closely linked to sustainable and green growth, he said, adding that the roadmap for this transition is ambitious but achievable.
India is firmly committed to achieving the goal of 500 GW of non-fossil fuel-based generation capacity by 2030, he said.
The minister informed that in just last month alone, 2.3 GW of new capacity was added, which means a 4-fold increase from the 566.06 MW added in November 2023. "So yes, this transformation is not just a dream, it is happening today," he stressed.
In the last three financial years alone, he informed that India has attracted USD 6.1 billion in FDI into the renewable energy sector.
He noted that PLI (production-linked incentive) scheme with an outlay of Rs 24,000 crore has been introduced to boost domestic manufacturing of solar panels and modules.
"We are also in the process of setting up 50 solar parks with a cumulative capacity of 38 GW by 2025-26," the minister informed.
The government under the PM Surya Ghar Muft Bijli Yojana is empowering Indian households by enabling them to generate their own electricity through solar rooftops. The scheme targets 1 crore installations by 2026-27, with an outlay of Rs 75,021 crore.
On the Green Hydrogen Mission, he said "under the SIGHT Programme of National Green Hydrogen Mission, we are extending support on 2 components majorly -- Component I for Electrolyser Manufacturing supported with Rs 4,440 crore and Component II for Green Hydrogen production supported with Rs 13,050 crore," he said.
He informed that two tranches of bidding have been completed under Component I allocating 3000 MWPA Electrolyser Manufacturing capacity. Under Component II, 4.12 Lakh tonnes per annum (LTPA) quantity has been awarded to 10 companies, with a total subsidy of Rs 3,055 crore.
Currently, 4.5 LTPA tender is live for green hydrogen production, and 7.39 LTPA for green ammonia (for fertilizers), he stated.
"So, I invite the industry to participate in full swing. Let me know if you need any further support, we are here for you," he said.
About the industry suggestion about strictly enforcing renewable purchase obligation (RPO) and addition of power transmission infrastructure especially for renewables, he stated that his ministry has prepared certain proposals to boost the sector for the General Budget (to be tabled on February 1).
He sought industry suggestions and proposals so that those could be sent to the Ministry of Finance for consideration in the forthcoming budget.
The minister on this occasion also unveiled the second edition of the CII-EY Report on Energy Transition Investment Monitor.