IBEF: February 07, 2020
As per Central Electricity Authority's National Electricity Plan, contribution of renewable energy sources is estimated to be around 21 per cent of the total electricity demand of the country in the year 2021-22 and 24 per cent by 2026-27.
The major efforts being taken by the Government to meet the targets of renewable energy in the country, inter-alia, include permitting Foreign Direct Investment (FDI) up to 100 percent under the automatic route, strengthening of Power Purchase Agreements(PPAs), mandating requirement of Letter of Credit(LC) as payment security mechanism by distribution licensees for ensuring timely payments to RE generators, setting of Ultra Mega Renewable Energy Parks to provide land and transmission on plug and play basis to investors,waiver of Inter State Transmission System (ISTS) charges and losses for inter-state sale of solar and wind power for projects to be commissioned by 31st December, 2022, notification of standard bidding guidelines to enable distribution licensee to procure solar and wind power at competitive rates in cost effective manner, declaration of trajectory for Renewable Purchase Obligation (RPO) up to the year 2022, laying of transmission lines under Green Energy Corridor Scheme for evacuation of Power in Renewable rich states, launching of new schemes, such as, PM-KUSUM, Solar Rooftop Phase II, 12000 MW CPSU Scheme Phase II, etc.
As part of Intended Nationally Determined Contributions under the Paris Accord on Climate Change, India has made a pledge that by 2030, 40 per cent of its installed power generation capacity shall be from non-fossil fuel sources and will reduce its carbon emission intensity of GDP by 33-35 per cent considering 2005 level. The Government has set a target to install 175 GW of renewable energy capacity in the country by the year 2022. This includes 100 GW from solar, 60 GW from wind, 10 GW from biomass and 5 GW from small hydro power.
This information was given by Shri R.K. Singh, Minister of State (I/C) for New & Renewable Energy, Power and MoS for Skill Development and Entrepreneurship in written reply in the Lok Sabha today.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.