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Indian Initiatives Shaping Energy Transition

  • IASbaba
  • June 29, 2021
  • 0
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Indian Initiatives Shaping Energy Transition

Part of: GS Prelims and GS -III – Energy Sector

In news

  • 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.

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