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In a decisive move aligning with the Prime Minister’s commitment at COP26, the Ministry of New and Renewable Energy (MNRE) has charted an ambitious course towards achieving 500 GW non-fossil-based electricity generation capacity by 2030. The year 2023 showcased remarkable progress in various facets of the renewable energy landscape.
Renewable Energy Capacity and Global Ranking:
The MNRE anticipates the installation of approximately 13.5 GW of renewable energy capacity in 2023, attracting investments totaling ?74,000 crores. India stands globally as the 4th in Renewable Energy Installed Capacity, 4th in Wind Power capacity, and 5th in Solar Power capacity, according to the International Renewable Energy Agency’s statistics.
National Green Hydrogen Mission:
A landmark initiative, the National Green Hydrogen Mission, received Union Cabinet approval in January 2023, with an outlay of ?19,744 crores. The mission aims to position India as a global hub for green hydrogen production, utilization, and export. The Strategic Interventions for Green Hydrogen Transition (SIGHT) Programme, with an outlay of ?17,490 crores, has been a pivotal financial measure, fostering domestic manufacturing and green hydrogen production. Notably, the Green Hydrogen standard for India was defined in August 2023, specifying emission thresholds for classifying hydrogen as ‘Green.’
Green Energy Corridor – Ladakh Project:
MNRE’s ambitious plan to establish a 13,000 MW Renewable Energy project in Ladakh, coupled with a 12,000 MWh Battery Energy Storage System, received approval from the Cabinet Committee on Economic Affairs in October 2023. This project not only supports the national green energy goals but also ensures reliable power supply to Ladakh and Jammu & Kashmir.
PLI Scheme for Solar PV Modules:
The Production Linked Incentive (PLI) Scheme for High Efficiency Solar PV Modules, with an outlay of ?19,500 crores, gained momentum with the issuance of Letters of Award for setting up 39,600 MW of solar PV module manufacturing units in April 2023. Production has commenced at various locations, emphasizing India’s commitment to boosting solar energy production.
Offshore Wind Energy Development:
With a coastline of 7,600 km offering immense potential, India revised its strategy for offshore wind energy projects, targeting the installation of 37 GW capacity. The Offshore Wind Energy Lease Rules, 2023, were notified in December, regulating the allocation of sea blocks to developers. Agreements with Gujarat and Tamil Nadu governments for power offtake from initial offshore wind energy projects underline the collaborative efforts.
Solar Parks and Rooftop Solar:
The Solar Parks Scheme, aimed at achieving 40,000 MW capacity by 2025-26, has gained traction with 50 approved solar parks aggregating around 37,490 MW capacity. Rooftop solar installation witnessed a surge, with 741 MW capacity added under the grid-connected program and an additional 2.77 GW across sectors.
PM KUSUM Scheme and Bioenergy:
The PM KUSUM Scheme saw expansion with revised targets for installing/solarizing 49 lakh pumps. Empaneled vendor lists and benchmarks were issued, and amendments were made to simplify land aggregation processes. In bioenergy, initiatives against burning biomass included installing 105 MWeq capacity of bioenergy projects and distributing 12,693 small biogas plants.
Renewable Energy Policy Initiatives:
MNRE has set a robust annual bidding trajectory, targeting 50 GW per annum RE capacity bids, with a significant emphasis on wind power. Bids totaling 35.51 GW have already been issued in the fiscal year 2023-24.
IREDA’s Milestones:
IREDA’s elevation to ‘Schedule A’ category CPSE, successful IPO, and credit rating upgrades reflect its rising stature. The IPO, oversubscribed by 38.80 times, signifies strong investor confidence.
International Engagements:
India’s Presidency of the 13th Assembly of IRENA and active participation in G20’s Energy Transitions Working Group underscore its global leadership in renewable energy. The 6th Assembly of the International Solar Alliance further solidified collaborative efforts.
As the year draws to a close, the Ministry’s achievements pave the way for a sustainable, green energy future, reinforcing India’s commitment to combat climate change and promote renewable energy adoption on a global scale. |
