India to Achieve 450 GW Renewable Energy Capacity by 2030: MNRE

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pic credit: PIB

The Ministry of New and Renewable Energy noted that government is coming out with bids for battery storage soon

R.K. Singh, Minister of Power, New and Renewable Energy, while addressing the MNRE-FICCI – SECI event, emphasized that the world is on the cusp of transformation, and immediate corrective steps are needed to mitigate climate change. He highlighted that energy transition needs to be the first step in this direction.

“Already 39 per cent of our installed capacity is from non-fossil based sources. By 2022 we will reach our target of 40%,” said the minister. He said that India is already ahead of what we pledged in our Nationally Determined Contributions (NDCs).

Highlighting that transmission is a challenge and getting it into place is work in progress, he said, “We are launching the Green Corridor Phase 2 and we are generally expanding transmission to put in place systems for renewable power evacuation from sites where irradiation is high, or wind speed is high.”

Singh also said that intermittency of renewable power is another challenge for the entire world highlighting that battery storage per unit currently is high and needs to come down. He added that Government is coming out with bids for battery storage.

“There is a Production Linked Incentive for battery storage already in place and demand needs to be encouraged to bring down the prices of storage,” he added.

Speaking on the opportunities for green hydrogen in India, Shri Singh said, “MNRE will work out with bids for electrolysers and that mandates for green hydrogen consumption in refining, fertilizer, piped natural gas.”

Bhagwanth Khuba, Minister of State, New and Renewable Energy, Chemicals and Fertilizers, Government of India, noted that in view of the 175 GW installed RE capacity by 2022 announced in 2015 by the Hon’ble Prime Minister Narendra Modi, India surpassed the 100 GW milestone (excluding large hydro) in 2021. He also added that as of now India has only tapped a fraction of the vast potential for renewable energy and, therefore, India has raised the target to 450 GW RE installed capacity by 2030.

“We have established dedicated Project Development Cell (PDC) and FDI Cell in all ministries for handholding and facilitating domestic and foreign investors. 100 percent FDI is also permitted through direct automatic route,” Khuba emphasized.

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