Renewable Energy Target India
Renewable Energy Target India – Low solar tariffs and clean renewable energy auctions boosted India’s renewable energy growth amid the effects of the pandemic. Now, it’s a question of speed.
Julia Piper is a senior editor covering the energy transition at GreenTech Media. He is also the host and producer of the Political Weather podcast. He previously reported for E&E publications, and has covered clean energy and climate change issues in the United States and abroad, including in India, Haiti, Israel and the Maldives. He holds degrees from McGill and Columbia University. Find him on Twitter @JMPyper.
Renewable Energy Target India
Prime Minister Narendra Modi announced that India is on track to meet and eventually exceed its ambitious renewable energy targets.
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Last March, the Indian government imposed one of the strictest coronavirus restrictions in the world. With just a few hours’ notice, all 1.3 billion people in the country were ordered to stay at home for several weeks. Restrictions remain in place to prevent the spread of economic activity crippled by the virus. Businesses are closed. Workers fled the cities. And India’s clean energy transition has stalled.
Bids for new solar projects fell last year, proving that coal is not a cheap source of electricity. The country has signed major agreements to supply renewable energy, a key step in addressing wind and solar bottlenecks. Last year, on the back of cheap reforms to the national grid, coal use fell as energy demand fell amid an economic downturn. Incentive measures for utilities, extension of project commissioning deadlines and the launch of domestic solar power generation also helped strengthen the recovery point.
But as the renewable energy industry experienced in the 2020s, coal remains a key player in India’s electricity mix. Energy demand is expected to triple by 2040 as India’s population continues to grow, showing continued growth in fossil fuels despite a boom in the clean energy market.
There are two burning questions for India and the world – how fast can the use of renewable energy and related clean energy technologies be, and to what extent can they reduce the growth in fossil fuel consumption. The world’s third largest emitter of greenhouse gases, India’s transition from carbon-intensive resources is an important part of the fight against global climate change.
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Challenges are ahead, but there can be reason for hope. As the country grapples with issues related to air pollution, water scarcity and energy security, as well as energy access and affordability, experts say they are beginning to see a future for India where coal is no longer king.
Arti Khosla, founder and director of Weather, said, “Despite the crisis, there are many challenges in coal mining and production, and the government is increasingly clear that the energy transition is well underway, even as the economic recovery continues.” Trends, Strategic Communications Plan for Delhi, and former Communications Leadership for WWF India.
“The energy transition is gaining momentum,” he said. “Now it’s not a question of whether change will happen, it’s just a question of how quickly the transition will happen.”
Speaking at the United Nations Climate Change Conference in mid-December, Prime Minister Narendra Modi announced that India was on track to meet and eventually exceed its ambitious renewable energy targets.
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“India has reduced its emissions by 21 percent from 2005 levels,” he said at an online event, which marked five years since the adoption of the Paris Agreement on climate change. “Our renewable energy capacity is the fourth largest in the world, it will reach 175 GW before 2022.
India’s total installed renewable energy capacity, excluding hydropower, is currently 90 GW. According to the Ministry of New and Renewable Energy’s year-end assessment, 49.59 GW of renewable energy capacity is under installation, and 27.41 GW of additional capacity has been provided. , with the total capacity of renewable energy projects already commissioned or about to reach 167 gigawatts.
Modi recently announced that he expects the country’s clean energy capacity to reach 220 gigawatts by 2022, including hydropower – meeting the country’s target of 175 gigawatts. India has an even bigger target of 450 GW of renewable energy capacity by 2030. By that year, the government wants to meet half of the country’s energy needs from renewable energy sources.
“India is well on its way to not only meet the Paris goals, but go beyond your expectations,” Modi said at the climate summit last month.
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While the leadership reaffirmed the country’s lofty goals, the pace of renewable energy adoption in India slowed significantly in 2020. Solar installations reached 1.73 GW in the first nine months of the year, a decrease of 68 percent compared to the same period in 2019. Merkam. Survey of India. Wind installations also fell significantly.
Despite this, the Indian renovation industry faced a market crisis. Central and state governments have taken steps in the past year to support the domestic clean energy sector, which has seen steady growth using low-carbon energy sources and claims a large share of India’s coal-fired power system.
A key move by the Modi government to promote clean energy in 2020 was to give wind and solar projects “must-run” status, meaning their power cannot be reduced except under conditions that disrupt the national grid. can affect Renewable energy was left untouched due to a drop in electricity demand, while coal plants suffered heavy losses.
In the 2019/2020 fiscal year, the average coal-fired power plant ran only 55.5 percent of the time, according to the Institute for Energy Economics and Financial Analysis (IEEFA). In April 2020, the average coal-fired power plant in India operated at only 40% of capacity, resulting in inefficiencies and ultimately increased production costs.
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In addition to the imperative to come out of the crisis, the government launched several tenders for new renewable energy projects to meet India’s future energy needs. Not only did the auction continue, but the country also saw a series of record low solar bids.
Last month, a 500 MW solar auction owner Gujarat-based Arja Vikas Nigam Ltd set a new record for India’s lowest price of 1.99 ($0.0269) per kilowatt.
The results of the latest auction surpassed the record set a few weeks ago. In late November, India’s state-run Solar Energy Corporation announced the results of a 1.07-gigawatt solar power auction in Rajasthan, attracting bids of INR 2 ($0.0270) per kilowatt from Saudi Arabia’s Al Jumiya Energy and Water Company. and Sembcorp Indian Energy Company Green Infra Wind Energy Ltd.
These latest historical bids are 15 percent lower than India’s previous record of 2.36 ($0.032) per kilowatt-hour, which was submitted by Spanish developer SolarPackin in an auction earlier this year. Additionally, developers set a new record for solar-wind hybrid projects, quoting a price of INR 2.41 ($0.0326) per kilowatt hour.
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Tim Buckley, Director of IEEFA’s Australia and South Asia Energy Finance Studies, said solar is currently the lowest-cost source of new energy in India. He said that solar helps the country achieve its goal of generating affordable electricity for low-income people. But this is far from the only benefit.
“India’s economy will double its energy use in the next decade or two, and they want to improve energy security, which means they want to use domestic energy,” Buckley said. “They also have a big air pollution problem, so they want to reduce air pollution problems. They also have a big water security problem … so they want to use energy sources that are theirs. support the water supply.” Taxes are free. Shamsi puts a stamp on each of these boxes.
“And … it doesn’t emit carbon dioxide or methane,” he said. “There is an added benefit of helping to solve the global climate crisis.”
Tim Buckley explains why 2020 could be a catalyst for fossil fuels in India and around the world on this episode of the political climate.
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A combination of low cost financing and expected reduction in the cost of solar modules are the main factors driving down solar prices in India today. Submitting low-cost solar tenders this year will be a challenge; This will require developers to apply the latest technology and accurately estimate costs for every aspect of the project.
But the latest price hike sets a tough bar for India’s solar industry, with IEEFA analysts saying it reflects investment confidence in the industry and opportunities for continued cost reductions as the country builds a more sustainable domestic energy system. tries to
In recognition of India’s low cost and growing demand for locally produced energy, India’s Energy Minister R.K. Singh announced last fall that the country would expand its solar manufacturing base to reduce dependence on solar cells and modules imported from China. He also announced that renewable energy will replace the production capacity of 29 coal plants, which are expected to be decommissioned in the coming years.
State-owned Coal India – the world’s largest coal producer – announced that it will enter the solar energy pricing business in China and launch a new renewable energy vertical. The company had received board approval in December to set up an integrated solar wafer manufacturing facility. There are reports that other government companies may also do so
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