Renewable Energy Investments To Jump 83% To $16.5 Bn In 2024

New Delhi, Dec 26 (KNN) India will see an 83 per cent surge in investments in renewable energy projects to around USD 16.5 billion in 2024, as per the estimates by Power Ministry.

This increase would come at a time when the country is focusing on energy transition to reduce carbon emissions.

This is in line with India's ambitious target of having 500 GW of renewable energy by 2030 and its resolve to reduce overall power generation capacity from fossil fuels to less than 50 per cent. India has committed a net zero emission target by 2070.

However, Union Power and New & Renewable Energy Minister R K Singh has said on many occasions that as much as 65 per cent power generation capacity would be from non-fossil fuels by 2030 and that would be higher than the set target of 50 per cent.

In an interview to PTI, Singh said, 'India is likely to witness 25 GW of renewable energy capacity addition entailing an investment of Rs 1,37,500 crore (about USD 16.5 billion) in 2024 calendar year, which would be higher than 13.5 GW with an investment of Rs 74,250 crore (nearly USD 9 billion) seen in 2023.'

Apart from solar and wind energy, India has increased its focus on green hydrogen in a big way to reduce dependence on fossil fuels, mainly diesel, which is required for long haul vehicles.

India is a diesel-based economy in a way that most of the commercial vehicles for passenger and freight services are using diesel as the fuel.

In January this year, the Union Cabinet approved the National Green Hydrogen Mission with an outlay of Rs 19,744 crore.

Later in July, the Solar Energy Corporation of India (SECI) called bids for providing incentives for the production of 4,50,000 tonnes of green hydrogen and 1.5 GW of electrolyser manufacturing facilities annually.

(KNN Bureau)