News Analysis
For Mains: India's achievements in renewable energy sector, India's renewables energy targets, challenges and initiatives taken to achieve it.
Why in News
India has achieved its target of achieving 40% of its installed electricity capacity from non-fossil energy sources by 2030 in November 2021.
- India had committed to this target at COP 21 (UNFCCC) , as part of its Nationally Determined Contributions (NDCs) (Paris Agreement).
Key Points
- Renewable Energy (RE) Capacity of India:
- The country’s installed Renewable Energy (RE) capacity stands at 150.54 GW (solar: 48.55 GW, wind: 40.03 GW, Small hydro Power: 4.83, Bio-power: 10.62, Large Hydro: 46.51 GW) as on 30th Nov. 2021 while its nuclear energy based installed electricity capacity stands at 6.78 GW.
- India has the 4 th largest wind power capacity in the world.
- Mobilization of the Necessary Finance:
- Gearing up the banking sector for arranging finances for larger deployment goals, exploring low-interest rate, long-term international funding, and developing a suitable mechanism for risk mitigation or sharing by addressing both technical and financial bottlenecks are major challenges.
- Identification of land with Renewable Energy potential, its conversion (if needed), clearance from land ceiling Act, decision on land lease rent, clearance from revenue department, and other such clearances take time.
- State governments have to play a major role in acquisition of land for RE projects.
- Integrating a larger share of renewables with the grid.
- Enabling supply of firm and dispatchable power from renewables.
- Enabling penetration of renewables in the so called hard to decarbonize sectors.
Way Forward
- Identification of Areas: Renewable resources specially wind cannot be set up everywhere, they require specific location.
- Identification of these specific locations, integrating them with the main grid and distribution of powers, A combination of these three is what will take India forward.
