The economic survey has highlighted the increasing reliance on renewable energy for power production. The share of renewable energy as part of installed power capacity grew to 29 percent in 2021-22 from 12 percent in 2014-15. As on September 30, 2022, the government had sanctioned the entire target capacity of 40 Giga Watts (GW) to develop 59 solar parks in 16 states. The total electricity generated in FY 22 was 17.2 lakh GWh compared to 15.9 lakh GWh in FY21.

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The industrial power capacity increased from 460.7 GW on March 31, 2021, to 482.2 GW on 31st March 2022. India aims to reduce the emissions intensity of its GDP by 45 percent by 2030 from the 2005 levels as well as achieve 50 percent of the cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.

The government aims to reduce fossil fuel imports by over Rs 1 lakh crore and create more than 6 lakh jobs by installing at least 5 million metric tonnes (MMT) of Green hydrogen production capacity per annum. On its path to achieving net zero emissions by 2070, India aims to add renewable energy capacity of 125 GW by 2030 to abate nearly 50 MMT of annual GHG emissions.

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India's updated nationally determined contribution (NDC) from 2015 also aims to create an additional carbon sink of 2.5 to 3 billion tonnes of CO2 equivalent through additional forest and tree cover by 2030 and better adapt to climate change by enhancing investments in development programmes in sectors vulnerable to climate change; particularly agriculture, water resources, the Himalayan region, coastal regions, and health and disaster management.

The Central Electricity Authority (CEA) has projected the optimal generation capacity mix to meet the peak electricity demand and electrical energy requirement for 2029-30, with the likely installed capacity expected to be more than 800 GW of which non-fossil fuel would be more than 500 GW. CEA has also estimated that the average emission rate will decline by around 29 percent by 2029-30 compared to 2014-15 and a drop in emissions rate per kWh from 0.71 in 2017-18 to 0.51 in 2029-30.

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(Edited by : Vivek Dubey)

First Published:Jan 31, 2023 3:37 PM IST