India’s renewable energy initiatives ace Paris Agreement goals, country to showcase journey and strategies at India Energy Week 2024 in Goa

The just lately concluded United Nations Climate Change Conference (COP28) famous that events have been off observe in assembly their Paris Agreement targets. To sustain with its settlement of “starting of the top” of the fossil gasoline period, it known as upon the events to triple their renewable energy capability and double energy effectivity enhancements by 2030. However, one shiny spot was India, who has been a shining instance regardless of the apparent constraints of reliance on fossil gasoline for a quickly increasing financial system, particularly on condition that the country’s energy consumption per capita is a 3rd of the worldwide common.

In this backdrop, India will host the second version of India Energy Week (IEW) in Goa, India from February 6 to 9, 2024.

India may have argued that the Paris settlement targets have been unfair because it solely emits 4 p.c of the worldwide carbon emission whereas housing 17 p.c of the world’s inhabitants. Instead, the country has gone forward and achieved a strong renewable capability addition in a brief span.

Consider the numbers: at the top of 2016, India’s whole wind and photo voltaic capability stood at about 37 GW, with photo voltaic contributing nearly 9 GW. In about seven years, the mixed photo voltaic and wind energy capability has risen to over 116 GW, a three-fold leap.

Even extra remarkably, solar energy installations have jumped a large 8-fold throughout the identical time. Overall, India’s whole non-fossil energy era capability, which incorporates hydroelectric era, quantities to 186 GW. This accounts for practically 44 p.c of the overall put in capability.

Speaking at the inauguration of COP 28, Indian’s Prime Minister Narendra Modi briefly laid out the country’s achievements: “We have already achieved the targets associated to emissions depth eleven years in the past. We have achieved non-fossil gasoline targets 9 years forward of schedule.”

Modi emphasised on India’s intention to consolidate the renewable capability addition trajectory. “And India has not stopped at this. Our goal is to scale back emissions depth by 45 p.c by 2030. We have determined that we are going to improve the share of non-fossil gasoline to 50 p.c. And, we can even proceed to transfer in the direction of the objective of internet zero by 2070,” the Indian Prime Minister stated.

Success story pushed by the non-public sector

The renewable success story has many elements, however primarily it has been pushed by a vibrant non-public sector participation that has ensured inexpensive energy. Another issue that has aided this development is quick-footed policymaking to tide over a number of challenges.

A current instance of decisive governance is India’s pivot to incentivise manufacturing of photo voltaic photovoltaic modules, for which the country particularly, and the world in common, have largely been depending on China. India was fast to take the cue in the aftermath of the Covid pandemic, which disrupted the normal provide chains and muddied the geopolitical local weather.

India launched a performance-linked incentive scheme to increase home manufacturing of photo voltaic modules of greater than 48 GW capability.

Moreover, the huge country, blessed with ample photo voltaic radiation, has additionally innovated to carry the farmers into the scope of solar energy by way of authorities schemes incentivising photo voltaic pumps.

India has ensured that its solar energy initiatives aren’t restricted to mega photo voltaic parks — that are simpler to implement due to assured offtake of energy. But it has laid equal emphasis on off-grid methods and rooftop photo voltaic to broad base using solar energy and develop a sustainable home provide chain.

The strategy is exemplified by the proposed mega renewable park (13 GW) plant in the excessive altitude Himalayan area of Ladakh, for which India has introduced over USD 2 billion investments in evacuation infrastructure.

Additionally, the country’s ecosystem is constantly trying at methods to tide over the intermittency of renewable sources and has devoted substantial assets to creating long-term battery energy storage capability.

India Energy Week 2024

Organised by the Federation of Indian Petroleum [FIPI] Industry beneath the aegis of the Ministry of Petroleum and Natural Gas, Government of India, India Energy Week (IEW) serves as a catalyst for significant discussions, information trade, and collaboration amongst trade consultants, coverage makers, academia and entrepreneurs.

Read More: India Energy Week 2024 a “golden opportunity” for further growth, says Minister Hardeep Singh Puri

The occasion goals to foster partnerships, drive innovation, and discover options that may propel India’s energy sector right into a sustainable and vibrant future.

India Energy Week 2024 is anticipated to draw over 35,000+ attendees, 350+ exhibitors, 400+ audio system and 4,000+ delegates from over 100 nations.

IEW will host an intensive array of exhibitors, spanning core oil subject companies to enrich the occasion’s dynamic environment.

During IEW 2024, ministerial, management and technical classes and roundtables will discover various themes like energy transition of the worldwide south, constructing a future prepared energy stack, chartering the roadmap of alternate fuels for energy optionality and affect of localisation, regionalisation and globalisation on energy associated industrialisation and manufacturing processes.