24 June 2021
Shri Raj Kumar Singh, Union Minister of State (I/C) Power, New and Renewable Energy, and Minister of State, Skill Development and Entrepreneurship, Government of India said that in the last 6 years, India’s installed renewable energy (RE) capacity has increased by over two and a half times and stands at over 141 GW (including large hydro), which is about 37 per cent of the country’s total capacity (as on 16 June 2021). During the same period, the installed solar energy capacity has increased by over 15 times and stands at 41.09 GW.
"India’s RE capacity is the 4th largest in the world. In fact, our annual RE addition has exceeded 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," Shri Singh added.
Hon'ble Minister Shri R K Singh addressing the HLDE Ministerial Forum on 23 June 2021
Shri R K Singh was giving his keynote address at the event 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) on 24 June 2020. 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 in September 2021. India has been designated a Global Champion for Energy Transition, one of the Dialogue's five themes.
Launching a booklet on The India Story, a compilation of Indian initiatives that are shaping India’s energy transition, the Minister said it captures the essence of some of the flagship initiatives that have accelerated energy transition. "These will continue to power our ambitious RE programmes, with the goal to ensure access to affordable, reliable, sustainable and modern energy for all, while always keeping the citizen at the center of this transition," he said. He also launched a website energytransition.in, which will be a repository of energy transition-related knowledge resources from around the world.
Shri R K Singh drew attention towards investment opportunities in India’s RE sector.
In the last 7 years, over USD 70 billion investment has been made in renewable energy in India.
"India has a very liberal foreign investment policy for renewables, allowing 100 per cent FDI through the automatic route. Ensuring the ease of doing business is our utmost priority. Our continuous focus is on maintaining the sanctity of contracts and safeguarding investments. We have established dedicated Project Development Cells (PDC) and Foreign Direct Investment (FDI) cells in all Ministries to handhold and facilitate domestic and foreign investors. Measures and safeguards have also been undertaken to address the concerns of businesses and investors arising out of the COVID-19 pandemic," Shri Singh said.
He informed that a Renewable Energy Investment Promotion and Facilitation Board (REIPFB) portal has been developed to provide one-stop assistance and facilitation to Industry and investors for the development of projects and bringing new investment to India's RE sector.
Shri Singh lauded Indian Industry's commitment to India’s energy transition plans.
Several Industry members have voluntarily declared RE goals and committed to Carbon Disclosure Project (CDP), Renewable 100% (RE100) and Science Based targets (SBTs). Many are preparing substantive Energy Compacts for the September Dialogue.
He was pleased to inform that J K Cement, UltraTech, NTPC and Toyota Kirloskar had already submitted their Energy Compacts.
While talking about the initiatives that will pave the way for the future of energy transition in India, Shri R K 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, the Government is promoting green hydrogen with obligations for fertilisers and refining industries (Green Hydrogen Purchase obligations).
The Minister also mentioned recent initiatives in the RE sector such as Viability Gap Funding options for offshore wind energy, and the launch of Green Term Ahead Market and Green Day Ahead Market. Rules to facilitate RE procurement through open access and exchanges will also be notified to promote non-conventional resources of energy.
Other dignitaries addressing the event were Mr T. S. Tirumurti, Ambassador and Permanent Representative, Permanent Mission of India to the United Nations, Mr Indu Shekhar Chaturvedi, Secretary, MNRE, Dr Ajay Mathur, Director General, International Solar Alliance, and Ms Tracey Crowe, Chief of Staff and Senior Director of Internal Programmes, SEforall, on behalf of Ms Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for SE4ALL and Co-Chair, UN-Energy. Mr Stéphane Crouzat, French Ambassador for Climate Change Negotiations, Renewable Energies and Climate Risk Prevention shared a video message for the event.
The addresses were followed by a vibrant panel discussion on Corporate commitments to accelerate citizen-centric energy transition. The panel comprised of Mr Gurdeep Singh, Chairman & MD, NTPC Ltd, Ms Meher Pudumjee, Chairperson, Thermax Ltd, Mr Sumant Sinha, Founder, Chairman & MD, ReNew Power, Mr Chris Roe, Head of Global Sustainability Operations, Amazon, Mr Venu Nuguri, MD & CEO India and South Asia, Hitachi ABB Power Grids, and Mr A C K Nair, Director, Cochin International Airport Ltd. The discussions were moderated by Dr Arunabha Ghosh, CEO, CEEW.