‘India much ahead of its renewable energy targets’
New Delhi, India – India's Minister of New and Renewable Energy, Pralhad Joshi has said that the government has achieved renewable energy targets in 202122, much ahead of the targeted year of 2030. The minister further added that the country has been successful in reducing the emissions intensity of its GDP by 33% between 2005 and 2019.
Praising the Indian government's effort to develop the solar ecosystem, Joshi added, "India's solar energy capacity has increased 33-times in the last ten years. Under Prime Minister Narendra Modi, India's energy transition has been one of the largest economic opportunities in the last ten years."
"India has made significant strides in expanding its renewable energy sector. I am proud to recount that there has been a 76% decrease in tariffs for gridconnected solar power plants. Our installed renewable energy capacity has increased from 75.52GW in March 2014 to more than 207.7GW now. That is a phenomenal 175% increase in ten years," Joshi said.
"With PM Surya Ghar Muft Bijli Yojana, our Prime Minister pioneered a monumental effort in what is one of the world's largest initiatives in renewable energy. So far, more than 330,000 have benefited from this scheme," he added.
The minister said that the union government is receiving overwhelming commitments from the states and union territories. He further added that the industry participants such as developers, manufacturers, and financial institutes will support the government's goal of 500GW by 2030.
"Developers have committed an additional 570GW, manufacturers have committed additional manufacturing capacities of 340GW in solar modules, 240GW in solar cells, 22GW in wind turbines, 10GW in electrolysers, and banks and financial institutions have committed to an additional $386bn of financing by 2030," the minister said said.
Joshi further remarked that the Ministry of New and Renewable Energy is moving towards 500GW of installed electricity capacity from non-fossil sources by 2030.