Landmarks in clean energy transition

Maitreyi Karthik

The last few years have seen many changes happening in the Indian Renewable energy sector. We now have universal access to energy. India's power sector has undergone significant development through the increased penetration of renewable energy in the grid and the increasing presence of grid-connected distributed generation.

According to the Renewable energy attractive index 2021, India stood in the 3rd position. In terms of Renewable energy installed capacity (including large hydro), India occupies the 4th position globally. India occupies the 4th position for wind and solar power, according to the report released by MNRE in 2022.

Figures: Press Information Bureau

Regarding new solar PV capacity additions, India ranked as the 2nd largest market in Asia while occupying the 3rd position globally (around 13GW were added in 2021). Regarding the total installations, India stood at the 4th position having a capacity of around 60.4 GW overtaking Germany, which had a total of around 59.2 GW.

India's total Renewable energy installed capacity stood at 166 GW by October 2022.

The country has set a target to lower the carbon intensity of its economy by less than 45% at the end of the decade, to achieve 50% of its cumulative electric power installed capacity by 2030, and to achieve net zero emissions by 2070. Low-carbon applications could create a market share of about $80 billion in India by 2030.

In the Climate Change Performance Index (CCPI) 2023, India occupies the 8th position.

The country’s Renewable energy sector has received foreign direct investments (FDI) of more than $13 billion in the past 22 years.

India has set a target to generate 5MT of green hydrogen by 2030. The country’s green hydrogen target based on electrolyzer manufacturing capacity is estimated to reach 8GW per annum by 2025. The cumulative share of the country’s green hydrogen market could attain $8 billion by 2030, which would need around 50 GW or more of electrolyzer capacity to increase hydrogen generation.

Key highlights of the Union Budget 2022

• Solar PLI scheme with an added allocation of Rs 19,500 to incentivize the domestic manufacturing of solar cell modules
• Establishment of sovereign green bonds for public sector projects
• Co-firing of 5%-7% of biomass pellets in thermal power plants, which would help in the reduction of 38 MMT of carbon dioxide each year

At a glance

• A total of 59 solar parks with a combined capacity of 40 GW have been sanctioned in India
• A 30 GW solar-wind hybrid renewable energy park which is the most extensive in the world, is coming up in Gujarat
• Around $196.98 billion in projects are under construction in India, providing a good investment opportunity in the non-conventional sector
• Off-shore wind energy has a target of 30 GW by 2030, and 3 potential project locations have been identified
• The second component of the Green Energy corridor with a target of 9700 ckm transmission lines and a sub-station capacity of 22,600 MVA is expected to be achieved by March 2023.
• Solarization of the sun temple and the town of Modhera – India’s first battery storage and solar power based ‘Suryagram’ in Gujarat
• PM-KUSUM scheme with an aim to support the installation of 30.8 GW of additional solar power.
• Rooftop Phase II launched in February 2019 to achieve a cumulative capacity target of 40 GW by 2022
• Waiver of ISTS charges and losses interstate sale of the power from solar and wind projects
• Launch of solar rooftop portal
• India and France have been re-elected the President and the co-president of the ISA assembly for the period from October 2022 – October 2024
• India envisions the expansion of the power grid connectivity to Southeast Asian nations and have a unified power market