Published: 1st Sep, 2022
Context
According to a recent report released by the Global Wind Energy Council (GWEC), the annual installation of new wind power projects in India will peak by 2024 and likely decline thereafter.
Background
- Wind Energy Capacity is growing rapidly around the world in an effort to reduce emissions and limit global warming.
- The technology can be deployed
- Onshore, which is by far the largest market
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India currently has the fourth highest wind installed capacity in the world with total installed capacity of 39.25 GW (as on 31st March 2021). |
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- Offshore, using either fixed-bottom turbines anchored to the sea floor
- On a much smaller scale, floating structures that can be based in deeper waters
- As part of its transition away from fossil fuels, India has committed to sourcing half its electricity in 2030 from non-fossil fuel sources and installing 60 gigawatts (GW, or 1000 MW) of wind power by 2022.
- So far, only 40 GW of wind power capacity has been established.
Key Finding of the report:
- Report Title:“India Wind Energy Market Outlook 2022-2026”.
- India currently has 4 GW of prospective projects in wind energy, which are expected to drive installations until 2024 in the market.
- India is expected to add 2 GW in 2022, and 4.1 GW in 2023 peaking at 4.6 GW in 2024, thereafter declining to 4 GW and 3.5 GW in the next two years, respectively.
- After 2024, fresh projects are likely to be wind-solar hybrid projects (where both systems are installed on a piece of land to generate power throughout the day).
Recent Government Initiatives
- National Wind-Solar Hybrid Policy: The main objective of the National Wind-Solar Hybrid Policy, 2018 is to provide a framework for the promotion of large grid-connected wind-solar PV hybrid systems for optimal and efficient utilization of wind and solar resources, transmission infrastructure, and land.
- National Offshore Wind Energy Policy: The National Offshore wind energy policy was notified in October 2015 with the objective to develop offshore wind energy in the Indian Exclusive Economic Zone (EEZ) along the Indian coastline of 7,516.6 km.
- Financial incentives: Accelerated Depreciation benefit; concessional custom duty exemption on certain components of wind electric generators.
- PM-KUSUM Scheme
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