Indian Initiatives Shaping Energy Transition
Part of: GS Prelims and GS -III – Energy Sector
- Recently, the Minister of State for New & Renewable Energy launched ‘The India Story’ booklet.
- It is a compilation of Indian initiatives that are shaping India’s energy transition.
- It was launched at the event on Accelerating Citizen Centric Energy Transition.
- The Minister also launched a website which will act as a repository of energy transition related knowledge resources from around the world.
Key Points of the booklet
- In the last 6 years, India’s installed Renewable Energy (RE) capacity has increased by over two and a half times and stands at more than 141 Giga Watts (including large Hydro).
- The installed solar energy capacity has increased by over 15 times, and stands at 41.09 GW.
- During the last 7 years, over USD 70 billion investments has been made in RE in India.
- India allows 100% FDI through the automatic route in energy sector.
- Renewable Energy Investment Promotion and Facilitation Board (REIPFB) Portal has also been developed to provide one-stop assistance and facilitation to the Industry and Investors for development of projects and bringing new investment to the Renewable Energy sector in India.
- Several members from the Industry have voluntarily declared RE goals and committed to the Carbon Disclosure Project (CDP), Renewable 100% (RE100) and Science based targets (SBTs).
- Rules are being framed for a ‘green tariff’ policy that will help electricity Distribution Companies (Discoms) supply electricity generated from clean energy projects at a cheaper rate as compared to power from conventional fuel sources.
- The government is promoting Green Hydrogen with obligations for Fertilizers and Refining industries (Green Hydrogen Purchase obligations).
Recent initiatives in renewable energy sector
- Viability Gap Funding options for Offshore Wind Energy
- Green Term Ahead Market and Green Day Ahead Market.
- Rules for facilitating RE through Open Access and RE procurement through exchanges will also be notified to promote non – conventional resources of energy.