The installed capacity of solar photovoltaic energy in India reaches 85.47 GW and wind energy, 46.65 GW

The government reported on Tuesday that the total installed capacity of solar photovoltaic (PV) energy in the country amounts to 85.47 gigawatts (GW) and wind energy to 46.65 GW.

India has taken several measures and initiatives to promote the development of renewable energy (RE), including solar and wind energy.

These measures directly or indirectly incentivize industries to increase the use of renewable energy against the consumption of energy from conventional coal-based thermal energy, according to Shripad Yesso Naik, Minister of State for New and Renewable Energy.

The minister told the Rajya Sabha that the country aims to achieve 500 GW of installed electricity capacity from non-fossil sources by 2030. To this end, it has allowed foreign direct investment (FDI) up to 100 per cent through the automatic route.

The Ministry of New and Renewable Energy has also waived Interstate Transmission System (ISTS) charges for interstate sale of solar and wind energy for projects to be commissioned before June 30, 2025, for Green Hydrogen projects until December 2030 and for marine projects. Wind projects until December 2032.

“To boost renewable energy consumption, a Renewable Purchase Obligation (RPO) pathway has been announced until 2029-30, including a separate RPO for decentralized renewables,” the minister informed. A project development cell has also been created to attract and facilitate investments.

There are other schemes like Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), PM Surya Ghar Muft Bijli Yojana, National High Efficiency Solar Photovoltaic Module Programme, National Green Hydrogen Mission and offshore wind development of 1 GW.

According to the Economic Survey 2023-2024, India has a well-established infrastructure to attract FDI in sectors such as greenfield projects such as renewable energy.

Major US and European companies in the renewable energy sector, such as First Solar, Vestas and Scatec, have set up operations in India to tap into the growing demand for green technologies.

According to experts, the Union Budget will guide India towards a sustainable path.

Climate and energy experts said the Budget highlighted several key initiatives such as energy transition pathways, climate financing, improved water resources management and measures related to irrigation and flood management that will boost India’s fight against the impacts of climate change.

Source: IANS