Reading Time: 2 minutes
The Ministry of New and Renewable Energy (MNRE) has said that India is set to achieve 450 GW of renewable energy installed capacity by 2030.
Addressing the MNRE-FICCI – SECI event, RK Singh, Minister of Power, New and Renewable Energy, said that the world is on the cusp of transformation, and immediate corrective steps are needed to mitigate climate change.
He highlighted that energy transition needs to be the first step in this direction.
He said that India is already ahead of what “we pledged in our Nationally Determined Contributions (NDCs)” and added that, “already 39 % of our installed capacity is from non-fossil based sources. By 2022 we will reach our target of 40 %”.
“India has embarked on an exciting journey and is treading where no one has ventured before, and SECI will continue to work towards meeting the ambition of 450 GW by 2030,” the minister added.
Highlighting that transmission is a challenge and getting it into place is work in progress, the minister said, “We are launching the Green Corridor Phase 2 and we are generally expanding transmission to put in place systems for renewable power evacuation from sites where irradiation is high, or wind speed is high.”
Singh also said that intermittency of renewable power is another challenge for the entire world highlighting that battery storage per unit currently is high and needs to come down.
Government is coming out with bids for battery storage, he added.
He said that there is a Production Linked Incentive for battery storage already in place and demand needs to be encouraged to bring down the prices of storage.
Speaking on the opportunities for green hydrogen in India, Singh said, “MNRE will work out with bids for electrolysers and that mandates for green hydrogen consumption in refining, fertilizer, piped natural gas.”
Singh also said that SECI has had promising growth and is expected to continue this momentum as new and emerging areas in the clean energy space are set for a boom and stated his vision of SECI becoming an energy conglomerate of the new world.