Saturday, August 8, 2020
Home India India Plans to Invest $330 Billion to Power Renewable Energy by 2030...

India Plans to Invest $330 Billion to Power Renewable Energy by 2030 Without Hurting Coal

India wants to have 175 GW of renewable-based installed power capacity by 2022

India said on Thursday it needs $330 billion in investments over the next decade to power its renewable energy dream, but coal would remain central to its electricity generation.

The energy guzzling country wants to raise its renewable energy capacity to 500 Gigawatts (GW), or 40% of total capacity, by 2030. Renewables currently account for 22% of India’s total installed capacity of about 357 GW.

“Additional investments in renewable plants up to year 2022 would be about $80 billion at today’s prices and an investment of around $250 billion would be required for the period 2023-2030,” according to the government’s economic survey presented to parliament on Thursday. India wants to have 175 GW of renewable-based installed power capacity by 2022.

renewable energy
Solar-powered smart windows can help you save energy costs. Pixabay

The investment estimate reflects the magnitude of financial challenges facing one of the world’s most important growth markets for renewable energy, with government data indicating a growth slowdown in private and capital investments in the year ended March 2019.

India, which receives twice as much sunshine as European countries, wants to make solar a cornerstone of its renewable expansion, but also wants to make use of its cheap and abundant coal reserves, the fifth-largest in the world.

The annual economic survey warned India against abruptly halting coal-based utilities, citing risks to its banking sector and the stability of the electricity grid.

“It may not be advisable to effect a sudden abandonment of coal based power plants without complete utilization of their useful lifetimes as it would lead to stranding of assets that can have further adverse impact on the banking sector,” the survey said.

renewable energy
India wants to have 175 GW of renewable-based installed power capacity by 2022. VOA

Thermal power plants account for 80% of all industrial emissions of particulate matter, sulfur and nitrous oxides in India. India, one of the world’s largest coal producers and greenhouse gas emitters, estimates coal to be its energy mainstay for at least the next three decades. The country’s coal use rose 9.1% to nearly a billion tons in 2018-19.

ALSO READ: Amazon to Make Shipments Carbon-Neutral by 2030 Using More Renewable Energy

The survey said it would be difficult for a growing economy like India to migrate to renewable power supply unless “sufficient technological breakthrough in energy storage happens in the near future”.

Environmentalists worry that India’s rising use of coal at a time when many Western nations are rejecting the dirty fossil fuel will hamper the global fight against climate change, despite the country’s commitment to renewable energy. (VOA)

STAY CONNECTED

18,960FansLike
362FollowersFollow
1,781FollowersFollow

Most Popular

Cybercriminals Prefer Misuse of Authentic Software During Attacks, Says Report

Cybercriminals widely use software developed for normal user activity, administrative tasks, and system diagnostics to avoid getting caught quickly after carrying out their attacks,...

Puerperal Period Fitness For New Mothers

Exercise, along with a balanced diet, is an essential part of a healthy lifestyle. Light to moderate physical activity is safe and beneficial for...

Rehabilitation Of World Heritage Site In Mali

The UN's culture organization UNESCO will support a three-year project in African country Mali's Bandiagara that aims to rehabilitate damaged architectural heritage, notably housing,...

People Who Experience Dizziness on Standing Up May be at Higher Risk of Dementia

Researchers have found that people who feel dizzy or lightheaded when they stand up may have an increased risk of developing dementia. The condition, called...

Major Goal is to Identify Planets that Could Support Life: NASA

As scientists search for signs of life on planets outside our solar system, astronomers using NASA's Hubble Space Telescope have detected Earth's own brand...

Need to Adapt to Changing Customer Behaviour: McDonald’s

By Siddhi Jain As India moves forward in the Unlock phases, there is a need to adapt to changing customer behaviour and align business operations...

Vitamin D, Calcium Consumption Twice a Day may Reduce Chances of Getting Vertigo Again

Researchers have revealed that taking vitamin D and calcium twice a day may reduce your chances of getting vertigo again - a sudden internal...

Stock Up Your Monsoon Pantry With These Common Ingredients

By Puja Gupta The monsoon season is possibly every Indians favourite season! Well it is certainly infamous for one's cravings for all-things-fried, along with a...

Recent Comments