India to almost double its renewable power capacity in the next 5 years - DTE - 09/12/22

Context:
According to International Energy Agency (IEA), renewable energy will comprise 90 per cent of global electricity capacity expansion in the next five years and much of it will be in India.
Relevance:
GS3 - Env. conservation, energy
About:
-->Reasons for such a spike:
-The first truly global energy crisis, triggered by Russia’s invasion of Ukraine, has sparked unprecedented momentum for renewables.
-The favorable policies and market reforms the world over.

-->Key highlights of the report:
-China, the United States and India all to double their renewable capacity expansion in the next five years, accounting for two-thirds of global growth.
-The global solar photovoltaic (PV) supply chain is diversifying, but China will continue to dominate manufacturing.
-Waste and residues are a key growth area for biofuels but require action to prevent a supply crunch
Renewables become the largest source of global electricity generation by early 2025, surpassing coal.

-->Initiatives taken by India to transition to renewables:
-The creation of a separate Ministry of New and Renewable Energy.
-At CoP26, India committed 50% of its total power generation from Renewable Energy.
-The Production Linked Incentive Scheme (PLI)scheme is to enhance the manufacturing sector for the production of raw materials for renewable energy.
-India’s decision to achieve ‘net zero’ by 2070 has made reasonable progress by reaching nearly 110 GW of RE by the end of March 2022.

-->Challenges associated with Renewable Energy
Shortage of Skilled Personnel
High Installation Cost.

Related Post