Until January, renewable energy made up 22.49 per cent of the country’s overall electricity generation as per government figures, which was informed to the Rajya Sabha on Tuesday. A question from Communist Party of India (CPI) MP V Sivadasan directed to Union Minister of State for Renewable Energy, Shripad Yesho Naik on India’s renewable energy production from 2014, its share in total power generation, and subsidies provided in the last five years, was elaborated upon by the Minister.
Government Boosts Financial Support for Renewable Energy
Government’s financial help for renewable energy projects has increased many folds in recent years, as it rose from ₹ 2,666.34 crore in 2020-21 to ₹ 6,119.18 crore in 2023-24, Naik added. India is increasing its renewable energy capacity, and this increase is a reflection of that fact.
India’s Solar Power Growth and Manufacturing Expansion
India’s solar power capacity is expected to soar from 2.82GW in 2014 to 100GW by 2025. The inventor also pointed to advances in the production of solar modules, which grew from an un-outstretched 2 GW in 2014 to 67 GW under the Approved List of Models and Manufacturers (ALMM). Naik conceded that there could be risks such as dependence on imports, especially from a particular location, exposing a supply chain to risks stemming from supply disruptions, price volatility, and currency volatility. Then the government urges domestic solar PV manufacturing to reduce these risks.
India’s 2030 Renewable Energy Goals
To meet this target, India has pledged to achieve 500 GW of installed electricity capacity based on non-fossil sources by 2030, in line with Prime Minister Narendra Modi’s commitment in Glasgow, 26th UN Climate Change Conference, 2021. Naik also talked about challenges in expanding renewables such as delays in transmission connectivity and expressed that steps are being taken to improve the carrying capacity.
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