India’s Renewable Energy Capacity
27th Aug, 2019
India is running at a slower pace in achieving its Nationally Determined Contribution as per Paris Accord on Climate Change.
- India’s Nationally Determine Contributions for Climate Change
- To reduce the emissions intensity of its GDP by 33 to 35 per cent by 2030 from 2005 level.
- To achieve about 40 per cent cumulative electric power installed capacity from non-fossil fuel based energy resources by 2030, with the help of transfer of technology and low cost international finance, including from Green Climate Fund.
- To create an additional carbon sink of 5 to 3 billion tonnes of CO2 equivalent through additional forest and tree cover by 2030.
- As a result, a target of installing 175 GW of renewable energy capacity by the year 2022 has been set by the government
- It includes 100 GW from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro-power.
- As per 31 Dec 2018, India’s installed renewable energy capacity was 35GW.
- 5th Globally in total Renewable power installed
- 4th globally in tital wind power installed
- 6th globally in tital solar power installed
Reason behind Slow Progress of India in achieving the required Target
- Between 2014-17, China’s addition to its renewable energy was six times more than what India did.
- This is because India has not been able to utilize the advantage of decreasing cost if electricity production due to technological advancement in this field.
- The main reasons behind this non—utilization of this advantage of decreasing cost are:
- Recent imposition of safeguard duty on imported Solar Photovolatic cells.
- Depreciation of Indian rupee increases the import bill of India
- Lack of investment in research and development in India has not led to any significant domestic production
- Coal still features among the top 5 imports of India. Moreover, top ten lenders to coal power plants are public sector banks. This leads to the crowding out of the Renewable Energy Industry.