The International Energy Agency (IEA) in its latest report states that India is expected to add 145 Gigawatts (GW) of Renewable Energy (RE) capacity in the next five years (2022–27) with solar energy accounting for 75%.
- This addition is aided by consistent policy support and competitive auctions implemented to achieve the ambitious target of 500 GW of non-fossil capacity by 2030.
Key Points:
i.Solar Photovoltaic (PV) accounts for three-quarters of this growth, followed by onshore wind with 15%, and hydropower providing almost all the rest.
ii.The share of generation from RE in India’s total generation mix, which stood at 22.1% during FY22, is likely to increase to 40.9% during FY30.
iii.So far, a total of 172.72 GW of capacity from non-fossil fuel-based energy resources has been installed in India as of October 2022, which includes 119.09 GW of RE, 46.85 GW of large hydro, and 6.78 GW of nuclear power capacity. This has a share of 42.26% of the total installed generation capacity in India (408.71 GW).
Two main policies in India (came in 2022) to boost domestic manufacturing of PVs are-
i.The duty on imports was increased to 40% for PV modules from 15% and to 25% for solar cells in April 2022 to reduce dependence on China and increase domestic manufacturing.
- This is expected to add 16 GW of PV capacity which is 60% higher than in 2021.
ii.The Production Linked Incentive (PLI) scheme sanctioned 9 GW of PV manufacturing capacity to provide an ecosystem of local manufacturing.
- This aims to expand India’s solar PV cell and module manufacturing capacity to over 70 GW till 2030, including 29 GW of manufacturing capacity fully.
Global:
i.RE will comprise 90% of global electricity capacity expansion by 2027 and much of it will be in India, China, the European Union (EU) and the United States (US).
- This is due to the favourable policies and market reforms in all four.
ii.RE’s installed power capacity addition will grow to 2,400 GW between 2022 and 2027.
- This expansion was 85% faster than the previous five years.
Recent Related News:
i.India and France have been re-elected as President and Co-President of the International Solar Alliance (ISA). In this regard, India’s Union Minister Raj Kumar Singh, Ministry of New and Renewable Energy (MNRE) has been re-elected as the President of ISA, and France’s Minister of State for Development, Chrysoula Zacharopoulou has been re-elected as Co-President.
ii.The World’s largest floating solar plant is set to be built on Omkareshwar Dam in Narmada River at Khandwa district of Madhya Pradesh (MP) which will generate 600 Megawatt power by 2022-23. The estimated cost of the projects is around Rs.3000 crore.
About International Energy Agency (IEA):
Executive Director– Dr Fatih Birol
Headquarter– Paris, France
