India witnesses two-fold rise in renewable energy in previous 5 years: Report

New Delhi, Oct 17 (KNN) In the past five years the capacity of India in the renewable energy sector has doubled, said a report titled ‘Pathways for Global Partnership in Green Energy: Powering India and the World’ by CII-Mercom on Monday.

The report was released by Power Minister RK Singh at the Aatmanirbhar Bharat: 3rd Edition of International Conference and Exhibition.

“As India looks to become a net-zero economy by 2070, the country’s renewable sector can have an economic impact of over USD 1 trillion by 2030 and USD15 trillion by 2070,” the report said.

Expecting a reduction from 78% to 52% in thermal power, it is estimated by the Central Electricity Authority (CEA) that by 2029-30 the share of renewable energy generation will increase from 18% to 44%.

The report further highlighted the various policies introduced by the central government to drive renewable energy manufacturing such as the PLI for solar PV modules and advanced cell chemistry (ACC) energy storage systems.

“The Ministry of Power (MoP) and MNRE have also issued an expression of interest from state governments and special purpose vehicles (SPVs) to set up manufacturing zones for power and renewable energy equipment,” the report said.

States such as Rajasthan, Karnataka, and Telangana have been listed under solar dominant source category and Gujarat, Tamil Nadu, Maharashtra, and Andhra Pradesh under wind energy source.  (KNN Bureau)