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20/01/2022 - Energy

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January 20, 2022

Is there a need for a dedicated entity to deal with challenges in generation renewable energy in India? Comment (200 Words)

Refer - Financial Express      

Enrich the answer from other sources, if the question demands.

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IAS Parliament 2 years

KEY POINTS

·        According to the CEEW Centre for Energy Finance, in 2021, Indian RE companies raised a record $5.9 billion through ‘green bonds’ from overseas debt markets.

·        In spite of these positive signals, the task ahead remains herculean. Since 2016, the average rate of RE deployment in India has been around 10 GW per annum.

·        This has to almost quadruple if renewables were to constitute at least 85 per cent of the government’s target of setting up 500 GW of clean energy capacity by 2030.

·        Through the last decade, India has been at the forefront of adopting innovative approaches and solutions to boost the prospects of its renewable energy sector.

·        Financially stressed electricity distribution companies find it difficult to increase the share of renewables in their portfolios. Only four states met or surpassed their renewable purchase obligation in 2019-20.

·        Meeting the 2030 targets would require us to fast-track project development, improve implementation efficiency, strengthen procurement processes, and enhance transparency on RE resource potential and grid infrastructure.

·        A dedicated entity, mandated to deal with these issues, could ensure coordinated and systematic development of projects.

·        At COP26, India once again showed its commitment towards real climate action. In the 2022 Union Budget, India must back its ambition with actions. Success in creating enabling frameworks.

 

K. V. A 2 years

Kindly review

IAS Parliament 2 years

Good attempt. Keep Writing.

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