India striving to achieve balance between energy needs & reducing emissions: Power Minister

Emphasising that India is committed towards sustainable and eco-friendlily development, Power and New & Renewable Energy Minister R K Singh on Tuesday said that the world’s third largest energy consumer is striving to strike a balance between its energy needs and checking emissions.

“India is one of the fastest-growing economies in the world, yet the per capita emissions of greenhouse gases are substantially lower than the world average. The country is striving to achieve a fine balance between meeting its surging energy needs and reducing carbon emissions,” Singh said at an event organised by ratings agency ICRA here.

India remains steadfast in its commitment to sustainable growth, renewable energy expansion, and electric vehicle adoption, he added.

“By strategically balancing economic growth with environmental consciousness, the nation is determined to carve a brighter, greener future for generations to come,” he stressed.

RE push

ICRA Group CEO Ramnath Krishnan said “The recent announcement of a bidding trajectory of 50 gigawatt (GW) per annum over the period from FY24 to FY28 sets a clear path in moving towards achieving the ambitious 500-GW non-fossil fuel-based capacity target by the government for 2030.”

While the trajectory shows promise, timely completion of the tendering process, risk mitigation during execution and augmentation of the domestic solar supply chain are paramount to realizing the capacity target. ICRA anticipates a rise in the share of renewable energy plus hydro in the electricity generation mix from the current 23 per cent in FY23 to around 40 per cent by FY30, he added.

“In light of this projection, the development of adequate energy storage capacities at a competitive cost assumes greater significance to mitigate intermittency risks associated with higher levels of RE generation,” Krishnan said.

Electric vehicles

The adoption of electric vehicles in India has also witnessed significant momentum in recent years, bolstered by proactive measures taken by the Government of India and various State governments in both demand and supply aspects, ICRA said.

“Impressive investments of at least ₹70,000 crore for the OEM segment and ₹30,000 crore for the components segment have already been announced. segments. ICRA estimates e-2W penetration to reach 10-12 per cent of new vehicle sales by FY25, while e-3W and e-buses are expected to reach 14-16 per cent and 11-13 per cent, respectively,” it added.