Economics
In News: Annual installation of new wind power projects in India will peak by 2024 and likely decline thereafter, according to a report released by the Global Wind Energy Council (GWEC) and MEC+, a consulting firm that specialises in renewable energy.
About:
- As part of its transition away from fossil fuels, India has committed to sourcing half its electricity in 2030 from non-fossil fuel sources and installing 60 gigawatt (GW, or 1000 MW) of wind power by 2022.
- So far, only 40 GW of wind power capacity has been established.
- Wind industry installations have been slowing down in India since 2017.
- Only 1.45 GW of wind projects were installed in 2021 with many delayed due to the second wave of COVID-19 and supply chain-related disruptions.
Source: The Hindu
