US$ 70 bn investment made in India’s RE sector in last 7 years: RK Singh

• Singh said that in the last six years, India's installed RE capacity has increased by over two-and-a-half times and stands at more than 141 GW
• The Power Minister lauded the commitment shown by the Indian Industry to India's Energy Transition plans

New Delhi: RK Singh, Union Minister for Power and New and Renewable Energy, said that during the last seven years, over US$ 70 billion investment has been made in renewable energy (RE) sector in India. Talking about investment opportunities in the sector, Singh said, "India has a very liberal foreign investment policy for renewables allowing 100 percent FDI through the automatic route in the sector. Ensuring 'Ease of doing business' is our utmost priority. Our continuous focus is on maintaining sanctity of contracts and safeguarding investments. We have established dedicated Project Development Cells (PDC) and Foreign Direct Investment (FDI) cells in all Ministries for handholding and facilitating domestic and foreign investors. Adequate measures and safeguards have also been undertaken to address the concerns of businesses and investors arising out of the Covid pandemic."

He said that in the last six years, India's installed renewable energy capacity has increased by over two-and-a-half times and stands at more than 141 GW (including large Hydro), which is about 37 percent of the country's total capacity (as on June 16). During the same period, the installed solar energy capacity has increased by over 15 times and stands at 41.09 GW. "India's renewable energy capacity is the 4th largest in the world. In fact, our annual renewable energy addition has been exceeding that of coal-based thermal power since 2017.  The energy transition journey that we have already covered and the scale of the transition which we are set to achieve are both exemplary for the world," Singh added.

Singh was delivering his keynote address on "Accelerating Citizen Centric Energy Transition," organised by The Ministry of New and Renewable Energy (MNRE), in collaboration with the Permanent Mission of India (PMI) to the United Nations and the Council on Energy, Environment and Water (CEEW). The virtual event was organised on the side-lines of the Ministerial Thematic Forums week (21-25 June 2021) for the UN High Level Dialogue on Energy to be convened on September 20. India has been designated a Global Champion for "Energy Transition," one of the five themes at the dialogue.

RK Singh launches booklet on India's energy transition

Launching a booklet on "The India Story," a compilation of Indian initiatives that are shaping India's energy transition, the minister said that "The India Story" booklet captures the essence of some of the flagship initiatives that have accelerated energy transition. These will continue to power our ambitious renewable energy programmes, with the end goal of ensuring access to affordable, reliable, sustainable and modern energy for all, while always keeping the citizen at the centre of this transition. He also launched a website, www.energytransition.in, which will act as a repository of energy transition related knowledge resources from around the world.

ALSO READ

1. Regulatory constraints pose headwinds for open access-based RE projects: ICRA

2. India to add 13.75 GW of solar module, 6.9 GW of solar cell production capacity: Report

He further informed that a Renewable Energy Investment Promotion and Facilitation Board (REIPFB) portal has also been developed to provide one-stop assistance and facilitation to the industry and investors for the development of projects and bringing new investment to the RE sector in India.

'JK Cement, Ultratech, Toyota, NTPC have submitted Energy Compacts'

Singh lauded the commitment shown by the Indian Industry to India's Energy Transition plans. Several members from the Industry have voluntarily declared RE goals and committed to Carbon Disclosure Project (CDP), Renewable 100 percent (RE100) and Science based targets (SBTs). Many of them are also preparing substantive Energy Compacts for the September Dialogue. He was pleased to inform that JK Cement, Ultratech, Toyota, NTPC have already submitted their Energy Compacts.

While talking about the initiatives that will pave the way for future of energy transition in India, Singh informed that rules are being framed for 'green tariff' policy that will help electricity distribution companies (Discoms) supply electricity generated from clean energy projects at a cheaper rate as compared to power from conventional fuel sources. In addition to that government is promoting Green Hydrogen with obligations for Fertilizers and Refining industries (Green Hydrogen Purchase obligations).

The minister also mentioned about the recent initiatives in renewable energy sector such as Viability Gap Funding options for Offshore Wind Energy, launching of Green Term Ahead Market and Green Day Ahead Market. Rules for facilitating RE through Open Access and RE procurement through exchanges will also be notified to promote non-conventional resources of energy.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)