03-Mar-2022 | Market Research Store
India's green energy sector got around $7.27 billion foreign direct investment from 2014-15 till June 2021 as per the ministry of new and renewable energy. The country's installed power capacity will go up to 66% from non-fossil fuels by 2030. In addition, India has currently achieved an emission reduction of 28% as per the government.
India recently said at COP26 in Glasgow that there will be a reduction in the net carbon emission to zero by 2070. The union government has initiated all the work to achieve the targets with the announcement of waiver of INR 400 cess from union budget for every tonne of coal utilized by power project in achieving the emission norms. Also, India holds the fourth largest wind power capacity across the whole world.
Last month, Prime Minister Narendra Modi pledged to reduce India's overall projected carbon emission by 1 million tonnes by 2030, thereby reducing the national economy carbon intensity values at 45% by the end of the decade and achieving zero carbon emission by 2070.
The commitment was also made to achieve 50% of the energy requirement of the country from renewable sources by 2030 by the end of the decade and also scale up the non-fossil fuel power generation capacity to 500 Watt.
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The power requirement of the nation will touch around 817 GW by 2030 as per the central electricity authority. However, it is more than half of it would be clean, and around 280 GW will be generated from solar energy alone.
However, the country's renewable energy program is largely driven by private sector investment.
Liberal foreign investment policy permits the foreign investor to step in as joint ventures with an Indian partner for technical or financial collaboration and set up energy-based power generation projects. Also, to facilitate renewable power evacuation reshape the future requirements for the grid, the future green energy corridor projects have been started.
However, the interstate green energy corridor is the first component of the scheme which holds the target capacity of 3200 circuit km transmission lines along with a substation capacity of 17000 MVA. Also, the project was completed in March 2020. In addition, the intrastate green energy corridor is the second component of the project that holds a target capacity of 9,700 km transmission line with a substation capacity of 22600 MVA, and it is likely to be done completely by June 2022.
As of November 2021, 15268 MVA intrastate substations and 8,434 kilometers of transmission line have been charged.