RENEWABLE ENERGY IN INDIA (Syllabus: GS Paper 3 – Env & Eco)

News-CRUX-10     7th June 2024        

Context: Moody's Ratings forecasts that India needs a $385 billion investment to achieve its 500 GW renewable energy target by 2030, while acknowledging coal's continued significance in electricity generation over the next decade.

Renewable Energy

  • About: It encompasses energy derived from natural resources that replenish themselves over time. 
  • Source of Renewable Energy: Wind power, solar power, bioenergy (organic matter burned as a fuel) and hydroelectric, including tidal energy.
  • Current Scenario in India

o India's Energy Consumption Ranking: India ranks as the 3rd largest energy-consuming country globally.

o Renewable Energy Installed Capacity: India stands 4th globally in Renewable Energy Installed Capacity, including Large Hydro.

o Wind Power Capacity: India holds the 4th position in Wind Power capacity worldwide.

o Solar Power Capacity: India ranks 5th globally in Solar Power capacity.

o COP26 Target: At COP26, India set an ambitious target of achieving 500 GW of non-fossil fuel-based energy by 2030.

Government Initiatives

  • Ambitious Capacity Expansion: India has aimed to achieve 450 GW of installed renewable energy capacity by 2030.
  • Production Linked Incentive Scheme (PLI): The government's PLI scheme aims to enhance the manufacturing sector by incentivizing the production of raw materials for renewable energy.
  • PM-KUSUM: The Pradhan Mantri-Kisan Urja Suraksha evam Utthaan Mahabhiyan aims to ensure financial and water security for farmers by harnessing 30,800 MW of solar energy capacity by 2022, including the solarization of water pumps for distributed power supply.
  • Akshay Urja Portal and India Renewable Idea Exchange (IRIX) Portal: These online platforms, hosted by the Ministry of New and Renewable Energy, facilitate the exchange of ideas and collaboration among energy-conscious individuals and the global community.
  • SRISTI: It is a program for sustainable rooftop implementation for solar transformation in India, providing financial incentives from the central government to beneficiaries establishing solar power plant rooftops.