Govt to collaborate with industry towards 500 GW renewable energy target by 2030: MNRE Minister Mr. Prahlad Joshi
Hon'ble Minister of New & Renewable Energy and Consumer Affairs, Food & Public Distribution Mr Prahlad Joshi today stated that the government is ready to collaborate with the industry to address challenges that could hinder achieving the target of 500 GW of renewable energy by 2030.
Delivering the keynote address at the inauguration of 5th CII International Energy Conference & Exhibition, Mr Joshi assured industry that he would work towards resolving RE industry issues, like transmission, through regular interactions. “Whatever you have to do we will work out,” he said.
India has added 15 GW of renewable energy capacity during April to November 2024 period which is almost double of last year’s addition of 7.54 GW, he said. Notably, 2.3 GW was added in November alone which is a 14% year-on-year growth. India’s total installed renewable energy capacity now stands at 214 GW. Mr. Joshi further emphasized that India is on track to meet its Paris Accord commitments, having achieved a 40% reduction in carbon emissions from 2005 levels, well on its way to meeting the 2030 target of 45%, while also fulfilling the growing energy demands of a rapidly aspiring nation.
Marking the success of the PM Surya Ghar – Muft Bijli Yojna, Mr. Joshi announced that the scheme had achieved over 6.3 lakh installations within just five months of its inception. However, he also stressed the need for greater engagement among stakeholders, particularly the industry, while reiterating the critical role of states in this endeavour.
The two-day exhibition and conference have been organised by the Confederation of Indian Industry in collaboration with the Ministry of New & Renewable Energy.
In his opening remarks at the inaugural session, Mr Rajiv Memani, President-Designate, CII, noted that peak power demand is expected to increase by 2.5 times over the next 5-6 years. He emphasized the need to address the financial health of DISCOMs, GENCOs, and TRANSCOs as a priority. Highlighting the role of bioenergy in achieving the vision of net zero, Mr. Memani pointed out its importance, particularly in the mobility sector. He stressed that biomass aggregation is critical, with states’ active participation, supported by national efforts and international cooperation.
Mr Girish Tanti, Co-Chairman of the CII National Committee on Renewable Energy and vice-chairman, Suzlon, underscored the significance of wind energy in the renewable energy mix to achieve cost efficiency for consumers while managing the challenges of intermittency. Citing CEA estimates, Mr. Tanti noted that to achieve 150 GW of wind energy by 2030, the sector must add around 16 GW annually. He expressed optimism about achieving the 500 GW renewable energy target, especially with the wind sector’s robust manufacturing ecosystem and the potential for increased government support.
Mr Vineet Mittal, Chairman of the CII Taskforce on Green Hydrogen and chairman, Avaada, raised concerns regarding evacuation infrastructure and the importance of honouring power purchase agreements (PPAs). To accelerate the installation and adoption of renewable energy projects, Mr. Mittal urged the government to expedite the clearance and approval of over 48,000 pending PSAs across various states.
Mr Sameer Gupta, Chairman of the CII Taskforce on Renewable Energy Manufacturing, and chairman and managing director, Jakson, assured the minister cooper of the industry to overcome challenges and achieve the 500 GW goal as a united team.
Mr Joshi also unveiled a CII report on "Energy Transition for Viksit Bharat 2047". Developed in collaboration with EY, the report provides a comprehensive roadmap for achieving a sustainable, low-carbon, and energy-secure India by 2047. It outlines actionable insights across renewable energy, green hydrogen, bioenergy, and nuclear power, while emphasizing the importance of skilling and public-private collaboration.
Hon'ble Minister of Heavy Industries and Steel Shri HD Kumaraswamy will be delivering the keynote address during a special ministerial session on Wednesday. Other sessions include those on financing and hydropower on the second day of conference.
17 December 2024
New Delhi