Green rush: RE funding surges past 83%

 

According to estimates from the Power Ministry, India will see an increase in investments in renewable energy (RE) projects of more than 83%, reaching approximately $16.5 billion in 2024, as the nation concentrates on energy transition to lower carbon emissions.

  • this is consistent with India’s desirable goal of generating 500 GW of renewable energy by 2030
  • its determination to lower the percentage of fossil fuel-based power generation in the country to less than 50%. India pledged to achieve net zero emissions by 2070.
  • India is a diesel-based economy; the majority of commercial, passenger, and freight vehicles run mostly on this fuel.
  • India has placed a great deal of emphasis on green hydrogen in addition to solar and wind energy to lessen reliance on fossil fuels, particularly diesel, which is necessary for long-haul vehicles.
  • Panchamrit pledge-the Panchamrit, meaning “five nectar elements,” refers to India’s set of five ambitious climate pledges announced by Prime Minister Narendra Modi at the UN Climate Change Conference (COP26) in Glasgow in 2021.

India’s Ambitious Renewable Energy Goal by 2030: 500 GW and Beyond

India has set a monumental goal for itself in the renewable energy sector: achieving 500 gigawatts (GW) of installed renewable energy capacity by 2030. This ambitious target represents a significant commitment to tackling climate change and transitioning towards a more sustainable future.

Breakdown of the goal

  • 500 GW by 2030: This translates to more than doubling India’s current renewable energy capacity, which stood at around 176 GW as of July 2023.
  • 50% of electricity generation: By 2030, renewable energy is expected to contribute to half of India’s electricity generation, marking a major shift away from fossil fuels.
  • Multiple sources: The focus is on diversifying the renewable energy mix, with solar and wind power taking the lead, followed by hydropower, biomass, and geothermal. Additionally, India is exploring emerging technologies like hydrogen fuel cells.

Goal significants

  • Climate change: India is one of the world’s largest emitters of greenhouse gases, and transitioning to renewable energy is crucial for meeting its climate commitments under the Paris Agreement.
  • Energy security: Reducing dependence on fossil fuels will enhance India’s energy security and resilience against volatile global energy markets.
  • Economic growth: The renewable energy sector has the potential to create millions of new jobs and boost economic growth in India.

Challenges and opportunities:

  • Financing: Achieving the 500 GW target will require significant investments, both public and private.
  • Infrastructure: Upgrading and expanding the grid infrastructure is essential to integrate large amounts of renewable energy.
  • Technology: Continuous research and development in renewable energy technologies will be crucial for cost reduction and efficiency improvements.

India is making significant progress towards its goals

  • The country has witnessed a rapid increase in renewable energy capacity in recent years, adding over 15 GW in the 2022-23 fiscal year alone.
  • The government has introduced various policy initiatives and incentives to attract investments and facilitate renewable energy development.
  • Public awareness and support for renewable energy are growing, creating a positive momentum for the sector.

India’s commitment to renewable energy is not just about achieving ambitious targets, but about building a cleaner, greener, and more sustainable future for its people and the planet.

Additional facts

  • The country has launched several ambitious programs like the Pradhan Mantri Sahaj Bijli Har Ghar Yojana to provide solar power access to rural households.
  • India’s renewable energy success story could serve as a model for other developing countries looking to transition towards a clean energy future.
  • India has also set a target of producing 5 million tonnes of green hydrogen by 2030, which would be powered by 125 GW of renewable energy capacity.
    • The relationship between hydrogen and colour is quite interesting and multifaceted! Here are some ways hydrogen connects to colour

The main differences between black and grey hydrogen lie in the source of fuel and the treatment of resulting emissions:

Source of fuel

  • Black hydrogen: Produced from coal, a highly polluting fossil fuel.
  • Grey hydrogen: Produced from natural gas (methane), another fossil fuel, but cleaner than coal.

Emissions

  • Black hydrogen: Releases significant amounts of carbon dioxide and methane into the atmosphere, contributing to climate change.
  • Grey hydrogen: Releases carbon dioxide as well, but in lesser quantities compared to black hydrogen.

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