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Clean energy targets

  • IASbaba
  • July 15, 2022
  • 0
Economics
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In News: India has achieved clean energy targets nine years ahead of schedule – stated the Union Power Ministry.

  • India has installed 162 GW (1 GW is 1,000 MW) of renewable energy capacity, which is 41% of the 402 GW of electricity installed.
  • India reached this target on November 2021.
  • In 2015, India committed to ensuring that 40% of its energy would be from renewable sources by 2030 as part of its Nationally Determined Contributions (NDC).

New Target

  • At the COP26 India is committed to achieving 500 GW of installed electricity capacity from non-fossil fuel sources by the year 2030.

Challenges in Achieving the Target:

Mobilization of the Necessary Finance:

  • Gearing up the banking sector for arranging finances for larger deployment goals, exploring low-interest rate, long-term international funding, and developing a suitable mechanism for risk mitigation or sharing by addressing both technical and financial bottlenecks are major challenges.

Land Acquisition:

  • Identification of land with Renewable Energy potential, its conversion, clearance from land ceiling Act, decision on land lease rent, clearance from revenue department, and other such clearances take time.
  • State governments have to play a major role in acquisition of land for RE projects.

Creating Ecosystem:

  • Creating an innovation and manufacturing eco-system in the country.

Others:

  • Integrating a larger share of renewables with the grid.
  • Enabling supply of firm and dispatchable power from renewables.
  • Enabling penetration of renewables in the so called hard to decarbonize sectors.

Source: Deccan Herald

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