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While addressing the the event on “Accelerating Citizen Centric Energy Transition”, organized by The Ministry of New and Renewable Energy (MNRE), in collaboration with the Permanent Mission of India (PMI) to the United Nations and the Council on Energy, Environment and Water (CEEW), Power Minister R K Singh has said that as much as USD 70 billion (about Rs 5.2 lakh crore) has been invested in renewable energy across the country in the past seven years.
In the last 6 years, India’s installed renewable energy capacity has increased by over two and a half times and stands at more than 141 Giga Watts (including large Hydro), which is about 37 per cent of the country’s total capacity (as on 16th June 2021). During the same period, the installed solar energy capacity has increased by over 15 times, and stands at 41.09 GW. India’s renewable energy capacity is the 4th largest in the world. In fact, our annual renewable energy addition has been exceeding that of coal based thermal power since 2017. The energy transition journey that we have already covered and the scale of the transition which we are set to achieve are both exemplary for the world, Shri Singh added.
He further informed that a Renewable Energy Investment Promotion and Facilitation Board (REIPFB) Portal has also been developed to provide one-stop assistance and facilitation to the Industry and Investors for development of projects and bringing new investment to the Renewable Energy sector in India.
Shri Singh lauded the commitment shown by the Indian Industry to India’s Energy Transition plans. Several members from the Industry have voluntarily declared RE goals and committed to Carbon Disclosure Project (CDP), Renewable 100% (RE100) and Science based targets (SBTs). Many of them are also preparing substantive Energy Compacts for the September Dialogue. He was pleased to inform that JK Cement, Ultratech, Toyota, NTPC have already submitted their Energy Compacts.
While talking about the initiatives that will pave the way for future of energy transition in India, Shri R K Singh informed that rules are being framed for ‘green tariff’ policy that will help electricity distribution companies (Discoms) supply electricity generated from clean energy projects at a cheaper rate as compared to power from conventional fuel sources. In addition to that government is promoting Green Hydrogen with obligations for Fertilizers and Refining industries (Green Hydrogen Purchase obligations).
The Minister also mentioned about the recent initiatives in renewable energy sector such as Viability Gap Funding options for Offshore Wind Energy , launching of Green Term Ahead Market and Green Day Ahead Market. Rules for facilitating RE through Open Access and RE procurement through exchanges will also be notified to promote non – conventional resources of energy.