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Dear Readers,
In this edition of the Energy Transitions Newsletter, we look at developments that have taken place in the first two weeks of 2024. As India moves closer to 2030, the effort to work towards the goals set is accelerating as well.
The world is increasing its focus on expansion of renewable energy. There was 50% more renewable capacity added in 2023 than in 2022, and more effort is being dedicated towards surpassing that achievement in the coming year, including in Africa, which is attracting more private investment in the renewable energy space.
While India is making great strides in this aspect as well, the country did not see as much improvement in Calendar Year 2023 as it had in the year before, with 19% dip capacity addition. However, FY 23 saw an 8% increase in RE capacity addition as compared to FY 22. Also, it is predicted that the last quarter of the current financial year 2024 will see more of a boost on the renewable energy front to overcome the relatively sluggish increment in capacity which stands at nearly 60% in capacity addition in the first three quarters of FY 23. This is necessary to make up for the lag experienced in the CY 2023.
In the Budget 2023-34, the Ministry of New and Renewable Energy has been allocated about Rs 10,000 crore which is 2.2 per cent of the entire budget. While this is a hike from the previous years, the work that needs to go into achieving India’s Nationally Determined Contribution (NDC) requires more of a shift towards renewable energy: The budget allocated to the Ministry of Petroleum and Natural Gas is upwards of 40,000 Crore.
The coming year is seeing a large influx of investment in the renewable energy space. One hopes that while that happens, the investments in the fossil fuel industry also go down in order for us to follow through with the target of reducing the emissions intensity of the GDP by 45% by 2030.
With the developments at COP28 and G20, we have much to look forward to. There have been many developments in the first two weeks of the year, and we hope to see the same in the rest of the year as well.
Below, you'll find additional news and analysis for your review. I trust you'll find these insights valuable. Additionally, I encourage you to explore CSE training programs; they offer opportunities worth considering. Be sure to check out the list of relevant publications and articles-a resource that is likely to captivate your attention and deepen your understanding of this subject.
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Vaani Khanna
Renewable Energy
CSE |
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