Indian States Accelerating Renewable Energy Transition with Offshore Wind Focus
Key Ideas
- RE-INVEST Summit 2024 in Gandhinagar boosted India's energy transition plans, with financial commitments reaching ₹24.8 lakh crore for energy transition by 2030.
- States like Andhra Pradesh, Goa, Madhya Pradesh, Chhattisgarh, and Telangana are actively pursuing renewable energy goals through measures like subsidies, tenders, and policy enhancements.
- Leaders emphasize the importance of aligning with Prime Minister Narendra Modi's vision for increasing renewable energy adoption, highlighting the potential of offshore wind, solar power, and green hydrogen.
- Chhattisgarh focuses on promoting hydel power due to limited solar power scope, with efforts to attract investors leveraging mineral reserves and supporting the Centre's review petition on mineral royalty payment.
Indian states are intensifying efforts to accelerate the transition to renewable energy, particularly focusing on offshore wind, following the RE-INVEST Summit 2024 in Gandhinagar, Gujarat. The summit witnessed significant financial commitments from banks and NBFCs, totaling ₹24.8 lakh crore by 2030 to support India's energy transition plans. Chief Ministers from various states like Andhra Pradesh, Goa, Madhya Pradesh, Chhattisgarh, and Telangana highlighted their commitment to enhancing renewable energy uptake through a mix of subsidies, tenders, and policy improvements. They emphasized the potential of offshore wind, green hydrogen, and solar power in driving this transition. Andhra Pradesh is considering policies to boost offshore wind energy uptake, stressing cost efficiency and job creation opportunities in the green energy sector. Goa is actively increasing its wind energy capacity and exploring subsidies to encourage more renewable energy installations. Madhya Pradesh aims to surpass its renewable energy targets ahead of schedule, showcasing remarkable growth in renewable energy capacity over the past decade. Chhattisgarh, with limited solar power potential, is focusing on hydel power development through dam construction and attracting investment by leveraging mineral reserves. The state also supports the Centre's efforts regarding royalty payment for mineral-bearing states. Telangana is aggressively working towards achieving a renewable energy capacity of 20 GW by 2030, aiming to lead in meeting India's ambitious 500 GW target. Deputy Chief Minister Mallu Bhatti Vikramarka highlighted the state's upcoming progressive renewable energy policy to drive investment and growth in the renewable energy sector.
Topics
Policy
Investing
Renewable Energy
Investment
Energy Transition
Offshore Wind
Finance
Subsidies
Employment Opportunities
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