India's Thriving Renewable Energy Industry: Targets, Initiatives, and Progress
Key Ideas
- India ranks 4th globally in renewable energy installed capacity, with significant contributions from wind, solar, and hydro power.
- The government aims to achieve 500 GW of non-fossil-based electricity generation by 2030 and produce 5 million tonnes of green hydrogen by 2030.
- India's targets include reducing carbon intensity by 45% by 2030, reaching 50% of energy from renewables, and aiming for net-zero emissions by 2070.
- Policy overhauls, such as carbon credit trading framework and energy conservation codes, showcase India's commitment to renewable energy goals.
India's renewable energy industry has flourished, boasting a diverse mix of sources like wind, solar, and hydro power. With a total installed capacity of 191.67 GW, India ranks prominently on the global renewable energy map. The Ministry of New and Renewable Energy (MNRE) is actively pursuing ambitious targets, including 500 GW of non-fossil-based electricity generation by 2030 and 5 million tonnes of green hydrogen production. Additionally, India aims to have solar parks with a capacity of 40 GW by 2025-26 and identify sites for 30 GW of offshore wind projects by 2030.
India's climate targets, though not legally binding, are robust. The country is progressing towards reducing carbon intensity, increasing renewable energy share, and ultimately reaching net-zero emissions by 2070. In alignment with the Paris Agreement, India has submitted ambitious Nationally Determined Contributions (NDCs) and is consistently working towards fulfilling them.
The regulatory framework in India is evolving to support renewable energy. The Electricity Rules define renewable energy sources, while newer concepts like 'green energy' encompass broader aspects such as green hydrogen production and fossil fuel replacement. Key influencers in India's renewable energy sector include the Ministry of New and Renewable Energy (MNRE), regulatory bodies, and policymakers who are driving initiatives like carbon credit trading and energy conservation codes to propel the country towards a sustainable energy future.
Topics
India
Policy
Renewable Energy
Regulations
Green Energy
Climate Action
Carbon Reduction
Electricity Sector
Targets
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