On July 15-16, Confederation of Indian Industry (CII) organized the second edition of Digital Conference & Exhibition ‘Aatmanirbhar Bharat – Self-Reliance for Renewable Energy Manufacturing’ virtually in collaboration with Ministry of New and Renewable Energy (MNRE) under its RE-INVEST agenda and Department for Promotion of Industry and Internal Trade (DPIIT).
- As a part of Conference a 15-day Digital Exhibition also initiated showcasing the latest from the Renewable Energy world.
Key Participants: Nitin Jairam Gadkri, Ministry of Road Transport & Highways (MoRTH); Piyush Goyal, Ministry of Commerce & Industry, Raj Kumar (RK) Singh, MNRE, and Anurag Singh Thankur, Ministry of Sports and Youth Affairs (MoYAS), among others.
India will exceed 33% carbon reduction goal by 2030
Union Minister RK Singh announced that India will exceed its target of reducing carbon emission to 33% set by 2030 under the Paris agreement.
- As per the Paris agreement, India also has to produce 40% electricity of its total capacity from non-fossil sources by 2030. Notably, India is already producing 38.5% and if the capacity under installation is added, it comes to 48.5%.
India has emerged as world leader in Energy Transition
During the meeting, it was also highlighted that India had emerged as a world leader in the Energy Transition.
- India has set a target of 450 GW of Renewable Energy capacity by 2030.
- India had achieved universal access by connecting every village under Deen Dayal Upadhyay Gram Jyoti Yojana Scheme and connecting every household under Saubhagya Scheme. It was the fastest and the largest expansion of access in the world.
- India has already touched 200 GW of demand.
- The mechanism of ALMM (Approved List of Models and Manufacturers) provides protection to Indian Industries.
- India proposes to green industry sectors to replace Grey Hydrogen (drawn from imported natural gas) with Green Hydrogen.
- India also proposes to come out with Rules and Regulations providing for easier Open Access for those industries which want to become green i.e. which want to rely on green energy for their functioning.
Release of Report developed by CII-in partnership with PwC
During the inaugural session, a report on ‘A Roadmap for Self-Reliance in RE Manufacturing’ was released which was developed by CII-in partnership with PwC (PricewaterhouseCoopers Pvt Ltd).
- This report tries to cover the long term policy and regulatory requirements to achieve the objective of developing India as a global manufacturing hub for renewable energy.
- For this, both entities interviewed over 30+ industry and government stakeholders across the sectors of solar, wind, biofuel, hydrogen, storage etc. to develop this report.
IREDA Expects Five-Fold Growth in Next Five Years And Plans For IPO
The Chairman & Managing Director (CMD) of Indian Renewable Energy Development Agency Limited (IREDA), Pradip Kumar Das participated in this event.
Key Points from IREDA:
i.It expects five-fold growth in next five years with expectations to grow its loan book from Rs. 28,000 crores (approx.) to Rs. 1,35,000 crores (approx.) by FY 2026.
ii.IREDA as a nodal agency of MNRE is successfully implementing various ambitious schemes launched by the Government of India like 12,000 MW CPSU phase-II Solar project scheme and Rs. 4,500 crore Production Linked Incentive (PLI) scheme for Solar manufacturing sector.
iii.It is targeting to achieve its market share of more than 40% of RE sector debt funding by NBFCs (Non-Banking Financial Company) by FY 2026.
iv.IREDA is also expecting to receive equity infusion of Rs. 1500 crore by September-October 2021, as a part of budget 2021-22 allocation.
- Accordingly, IREDA is planning to launch its Initial Public Offer (IPO) in 3rd quarter in November-December 2021
India to achieve 20% ethanol blending goal by 2023-24: Piyush Goyal
While addressing the conference, Union Minister India Piyush Goyal announced that India will achieve the target of 20% ethanol blending with petrol by 2023-24.
- The ultimate target is to have vehicles which can take up to 100% ethanol.
- India is targeting 450 GW by 2030.
- A Hydrogen Energy Mission in 2021-22 for generating hydrogen from green power sources has been launched. Notably, the 1st small hydropower plant started functioning in Darjeeling, West Bengal way back in 1897.
Recent Related News:
i.CII has projected that India’s Gross Domestic Product(GDP) is set to increase at 9.5% in the current Financial year 2021-2022(FY22) which will be higher than the GDP of FY20.
ii.On June 24, 2021, the 3rd edition of the Northern Region Food Processing Summit 2021 was virtually organized by the Confederation of Indian Industry (CII). It was addressed by Union Minister Narendra Singh Tomar, Ministry Of Agriculture and Farmers’ Welfare (MoA&FW).
About Confederation of Indian Industry (CII):
Director General– Chandrajit Banerjee
Headquarter– New Delhi
Theme 2021-22– Building India for a New World: Competitiveness, Growth, Sustainability, Technology
About Indian Renewable Energy Development Agency Limited (IREDA):
It is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE).
Headquarter– New Delhi