Renewable energy investments to surge 83% to $16.5 billion in 2024
The Hindu
India to invest $16.5 billion in renewable energy projects by 2024 to reduce carbon emissions & increase green hydrogen use.
India will witness a more than 83% increase in investments in renewable energy (RE) projects to about $16.5 billion in 2024 as the country focuses on energy transition to reduce carbon emissions, Power Ministry estimates show.
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%. India has committed a net zero emission target by 2070.
However, Union Power and New & Renewable Energy Minister R. K. Singh had said on many occasions that as much as 65% of power generation capacity would be from non-fossil fuels by 2030 and that it would be higher than the set target of 50%.
In an interview, Mr. Singh said, “India is likely to witness 25 GW of renewable energy capacity addition entailing an investment of ₹1,37,500 crore (about $16.5 billion) in 2024 calendar year, which would be higher than 13.5 GW with an investment of ₹74,250 crore (nearly $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 - most commercial, passenger vehicles and freight services use diesel as their main fuel.
In January this year, the Union Cabinet approved the National Green Hydrogen Mission with an outlay of ₹19,744 crore.
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