In a recent update provided by The Union Minister of New Renewable Energy & Power, Sh. R. K. Singh, India has made remarkable strides in promoting and adopting renewable energy sources to combat environmental challenges. The government’s initiatives have been pivotal in driving the country towards a sustainable future.
A noteworthy measure taken by the government includes allowing 100 percent Foreign Direct Investment (FDI) under the automatic route, encouraging international collaboration to boost the renewable energy sector. Moreover, to expedite the uptake of solar and wind power projects, the government has waived the Inter State Transmission System (ISTS) charges for inter-state sale, valid until June 30, 2025.
To set a clear path for renewable energy utilization, the government has declared a trajectory for Renewable Purchase Obligation (RPO) up to the year 2029-30, thereby compelling industries to contribute to renewable energy adoption.
The establishment of Ultra Mega Renewable Energy Parks, which provide developers with land and transmission infrastructure on a large scale, has been a strategic move to accelerate the development of renewable projects across the country.
Various schemes like Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), Solar Rooftop Phase II, and the 12000 MW CPSU Scheme Phase II have been launched to facilitate renewable energy adoption at different levels.
To ensure a seamless transmission of renewable power, the government has invested in the creation of new transmission lines and sub-stations under the Green Energy Corridor Scheme.
Setting standards for the deployment of solar photovoltaic systems/devices and introducing Project Development Cells have also attracted significant investments in the renewable energy sector.
In a bid to streamline the procurement process, Standard Bidding Guidelines have been implemented for tariff-based competitive bidding for Power from Grid Connected Solar PV and Wind Projects.
In addition to these initiatives, the government has taken steps to ensure timely payments to renewable energy generators. Power dispatch now requires a Letter of Credit (LC) or advance payment from distribution licensees.
India’s commitment to renewable energy extends further with the launch of the Green Term Ahead Market (GTAM), facilitating the sale of renewable energy power through exchanges.
In a major push towards green hydrogen, the National Green Hydrogen Mission has been launched with the aim of establishing India as a global hub for the production, utilization, and export of Green Hydrogen and its derivatives.
As of June 30, 2023, India has successfully installed a total of 176.49 GW of renewable energy capacity, indicating a remarkable progress towards sustainable energy sources.
The government’s relentless efforts in promoting renewable energy not only pave the way for an eco-friendly future but also demonstrate India’s commitment to combating climate change on a global scale.