Syllabus: GS-II.
Subject: Economic Development.
Topic: Infrastructure Development.
Issue: Renewable Energy Targets.
Context: 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.
Synopsis:
- This increase in investments aligns with India’s ambitious goal of achieving 500 GW of renewable energy by 2030 and its commitment to reducing overall power generation capacity from fossil fuels to below 50%.
- The Power Ministry estimates highlight a substantial increase in renewable energy capacity, with an anticipated addition of 25 GW in 2024, requiring an investment of ₹1,37,500 crore (around $16.5 billion).
- This marks a substantial rise from the 13.5 GW and ₹74,250 crore (nearly $9 billion) invested in 2023. The country’s growing focus on green hydrogen is also evident as part of its strategy to diminish reliance on fossil fuels, particularly diesel, with the National Green Hydrogen Mission approved in January.
Background:
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