: India stands 4th in world in RE capacity, 5th in Solar & 4th in wind energy: R.K. Singh #FinanceIndia #StockMarketNEWS India stands 4th in world in RE capacity, 5th in Solar & 4th in wind energy: R.

@StockMarketNEWS Thu 26 Aug, 2021

Posted in: #FinanceIndia #StockMarketNEWS

India stands 4th in world in RE capacity, 5th in Solar & 4th in wind energy: R.K. Singh #FinanceIndia #StockMarketNEWS
India stands 4th in world in RE capacity, 5th in Solar & 4th in wind energy: R. K. Singh New Delhi, Aug 25 (KNN) India has already achieved an emission reduction of 28% over 2005 levels, against the target of 35% by 2030 committed in its NDC (Nationally determined contributions), Union Minister of Power and New & Renewable Energy and President of International Solar Alliance, RK Singh stated on Tuesday in ‘INDIA-ISA Energy Transition Dialogue 2021’.

This makes India among one of the few countries globally which has kept to its Paris Climate Change (COP21) commitments along with an exponential increase in renewable energy capacity. Considering the pace of development in the energy sector, India is determined to not only achieve but to exceed its NDC commitments well within the committed time frame, he added.

‘INDIA-ISA Energy Transition Dialogue 2021’ was organized by the International Solar Alliance (ISA) and the Union Ministry of New and Renewable Energy (MNRE). In this inaugural session, the opening remarks were given by Indu Shekhar Chaturvedi, Secretary, MNRE and the context set was done by Dr. Ajay Mathur, Director General, International Solar Alliance.

The union minister underlined that from time to time, the Government of India has enacted favorable policies and regulations to boost the clean energy sector. India has been aggressively pushing for energy efficiency improvements for the past two decades through a combination of innovative market mechanisms and business models, institutional strengthening and capacity building, as well as demand creation measures.

He further added that the key is to allow the regulatory and policy support to keep the sector afloat till the supply-side strengthens, technology develops, and a competitive market takes root resulting in a fall in prices, and the industry becomes self-sustainable.

He said that it is anticipated that by 2050, 80-85% of India’s overall power capacity will come from renewables. India has already touched 200 GW of peak demand. The demand had crossed what it was during the pre-COVID time and it is expected that electricity demand will continue to rise. This gives us the space for adding more renewables capacity, but it will call for power system flexibility and introduction of various storage technologies.

The union minister apprised the members that it is a matter of immense joy and pride for the Indian Power Sector to have achieved the coveted milestone of 100 GW of installed Renewable Energy Capacity. While 100 GW of capacity has been installed and operationalized, 50 GW of additional capacity is under installation and another 27 GW is under tendering process As on 31st July 2021, 38.