Renewable energy investments to surge 83% to $16.5 billion in 2024
- 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.
Key Highlights
- This is in line with India’s ambitious target of having 500 GW of renewable energy by 2030
- 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.
- The Union Power and New & Renewable Energy Minister had said 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%.
- Apart from solar and wind energy, India has increased its focus on green hydrogen in a big way to reduce dependence on fossil fuels
- 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.
Prelims Takeaway
- National Green Hydrogen Mission
- Solar and wind energy