According to the Ministry of New and Renewable Energy, India's green energy industry received $7.27 billion in foreign direct investment (FDI) from 2014-15 to June 2021. (MNRE). The remaining $797.21 million was received in 2020-21.
"Private sector investment is driving India's renewable energy programme. According to the REN21 Renewables 2020 Global Status Report, renewable energy programmes and projects in India attracted $64.4 billion in investment between 2014 and 2019. $11.2 billion was invested in 2019 alone "According to a statement from MNRE.
According to the government, non-fossil fuel installed capacity will increase to 66 percent by 2030. Additionally, India has already achieved a 28 percent reduction in emissions.
"India has met its NDC target with a total installed non-fossil energy capacity of 157.32 GW, or 40.1 percent of total installed electricity capacity "adequacy," the statement stated.
At COP26 in Glasgow, India recently announced a goal of zero net carbon emissions by 2070. The union government has begun work on achieving the targets, with the union budget for 2022-23 likely to include a $400 cess waiver for each tonne of coal used in power projects that meet emission standards, as Mint reported on Tuesday.
India has the world's fourth largest wind energy capacity.
"As of 30.11.2021, the country's installed renewable energy capacity is 150.54 GW (solar: 48.55 GW, wind: 40.03 GW, small hydro: 4.83 GW, bio-power: 10.62 GW, and large hydro: 46.51 GW), while its installed nuclear energy capacity is 6.78 GW. This brings the total installed capacity of non-fossil based energy to 157.32 GW, or 40.1 percent of the total installed capacity of 39 GW ".01 GW," according to the statement.
Prime Minister Narendra Modi pledged last month in Glasgow to cut India's total projected carbon emissions by 1 billion tonnes by 2030, reduce the nation's carbon intensity by less than 45 percent by the end of the decade, and achieve net zero carbon emissions by 2070. Additionally, the commitment calls for meeting 50% of India's energy needs through renewable energy by 2030 and doubling non-fossil fuel power generation capacity to 500 GW by the end of this decade.
"As of 30.11.2021, 52 solar parks with a cumulative capacity of 37.92 GW have been sanctioned in 14 states," the statement stated, adding, "As of 30.11.2021, the country has installed a cumulative 5.7 GW of solar roof top projects.""
According to the Central Electricity Authority, India's power demand will reach 817 GW by 2030, with more than half coming from clean energy and 280 GW coming from solar alone.
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