India Eyes $250 bln for Renewable Energy

Laxman Pai
Friday, July 5, 2019

India is undertaking one of the world’s largest renewable energy expansion programs, which will require additional investments of around $80 billion till 2022, growing more than threefold to $250 billion during 2023-30.

According to the Economic Survey 2019,  the investment estimates, which have been made at current prices, come at a time when India has become one of the top renewable producers globally with ambitious capacity expansion plans.

The Survey presented in the Indian Parliament by the Finance Minister Nirmala Sitharaman said that globally India stands 4th in wind power, 5th in solar power and 5th in overall renewable power installed capacity The share of renewables in total electricity generation increased from 6 per cent in 2014-15 to 10 per cent in 2018-19.

India  has an installed renewable energy capacity of about 80 gigawatts (GW) and is running the world’s largest renewable energy program with plans to achieve 175GW by 2022 and 500GW by 2030, as part of its climate commitments.

The Survey states that renewable energy sources are a strategic national resource and adds, “Harnessing these resources is part of India’s vision to achieve social equity and energy transition with energy security, a stronger economy and climate change mitigation”.  

While increasing access to energy is important, it is also imperative that this comes at much lower costs to the environment than it has happened historically in advanced economies, the Survey states.

While renewable energy capacity has been expanded manifold, fossil fuel based energy is likely to continue to be an important source of power, the Survey adds.

Categories: Energy Government Update Wind Power Renewable Energy Renewables Solar

Related Stories

EnQuest Bags Two Production Sharing Contracts off Indonesia

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Second Hai Long Substation Heads to Project Site Offshore Taiwan

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

Six New Gas Wells in Line for BP’s Shah Deniz Field in Caspian Sea

ADNOC Secures LNG Supply Deal with India's BPCL

AIRCAT 35 Crewliner Vessels Delivered to Service TotalEnergies Angola

EnQuest to Acquire Harbour Energy's Vietnamese Assets

Abu Dhabi's NMDC Group Gets $1.1B Subsea Gas Pipeline Job in Taiwan

Current News

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com