India much ahead of its renewable energy targets: Union Minister Pralhad Joshi
Sep 16, 2024
New Delhi [India], September 16 : The Minister of New and Renewable Energy, Pralhad Joshi on Monday said that the government has achieved renewable energy targets in 2021-22, much ahead of the targeted year of 2030.
The Union Minister further added that the country has been successful in reducing the emissions intensity of its GDP by 33 per cent between 2005 and 2019.
Praising the government's effort to develop the solar ecosystem, Joshi added, "India's solar energy capacity has increased 33-times in the last 10 years. Under PM Modi ji, India's energy transition has been one of the largest economic opportunities in the last 10 years."
"India has made significant strides in expanding its renewable energy sector. I am proud to recount that there has been a 76 per cent decrease in tariffs for Grid-connected solar power plants. Our installed renewable energy capacity has increased from 75.52 GW in March 2014 to more than 207.7 GW now. That is a phenomenal 175 per cent increase in 10 years," Joshi said.
"With PM Surya Ghar Muft Bijli Yojana, Modi ji pioneered a monumental effort in what is one of the world's largest initiatives in renewable energy. So far, more than 330,000 (3.3 lakh) have benefited from this scheme," he added.
The Minister said that the union government is receiving overwhelming commitments from the States and UTs. He further added that the industry participants such as developers, manufacturers, and financial institutes will support the government's goal of 500 GW by 2030.
"Developers have committed an additional 570 GW, manufacturers have committed additional manufacturing capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, 10 GW in electrolyzers, and banks and financial institutions have committed to an additional $386 billion (Rs. 32.45 lakh crore) of financing by 2030," he said.
The Union Minister further remarked that the Ministry of New and Renewable Energy is moving towards 500 GW of installed electricity capacity from non-fossil sources by 2030.
