India is developing renewable energy capacity at one of the quickest rates in the world, according to Minister for Power and New & Renewable Energy R. K. Singh, who stated on Friday that the country is expected to reach 65% of its power capacity coming from non-fossil fuels by 2030.
New Delhi: India's power capacity from non-fossil fuels is expected to reach 65% by 2030, according to Minister for Power and New & Renewable Energy R. K. Singh, who stated on Friday that the country is developing renewable energy capacity at one of the quickest rates in the world.
The minister noted that India is now recognized as a leader in the energy transformation. We promised that by 2030, non-fossil fuel sources will account for 40% of our capacity; as of right now, that percentage stands at 44%. At a media gathering in the nation's capital, Singh stated, "We have increased our target and while we have pledged to have 50% of our capacity from non-fossil fuel sources by 2030, we shall have 65% of our capacity from non-fossil sources by 2030."
According to him, the nation has already installed 187 GW of renewable energy. The minister told the industry that, over the past nine years, around Rs 17 lakh crores had been invested in the power sector; an additional Rs 17.5 lakh crores will be needed to build the capacity.
There are now roughly 32 GW of renewable energy projects in the bidding stage and 99 GW of renewable energy capacity under development. Every year, we plan to bid on between 40 and 50 GW of renewable capacity.
"We have roughly 27 GW of thermal capacity under construction, 12 GW that we have bid out, 21 GW more that are being surveyed and investigated, and an additional 22 GW that are in the early stages of planning." We currently have 47 GW of installed hydropower, 18 GW of which are being built, and 13 GW of which are undergoing various stages of survey and study," Singh stated.
Regarding the increasing demand for electricity, the Minister stated that although the peak demand was about 130 GW in 2014, it is currently in the range of 243 GW.
"The peak demand for power is expected to exceed 400 GW by 2030, a sign of the economy's rapid expansion. The demand increased by 9% the previous year and by 10% this year.
"Daily demand is 8–10 GW more than it was on the same day last year. No other market is as large and expanding as quickly as ours," he continued.
According to Singh, the country will increase capacity sufficiently to handle this growing demand. By 2030, the capacity of renewable energy will surpass 500 GW. Seven million tons of green hydrogen are now being produced."