Ahead of the BRICS Energy Ministers meet in Brasilia, Brazil on Nov 12, Minister of State (IC) Power and New & Renewable Energy Minister Mr ‘R K Singh’ exuded confidence that the country will have over 200 GW of renewable energy capacity by 2022. Thus, India has set an ambitious target of having 175 GW of renewable energy capacity by 2022.
The Minister, “The renewable energy capacity which has been installed is 83 GW and under installation is 31 GW and 35 GW capacity is underbidding. So this becomes around 140-145 GW. In hydro, we have installed capacity of around 45 GW and under installation capacity is about 13 GW, which makes it (hydro) around 60 GW. Thus, we will cross 200 GW capacity of renewable energy by 2022,” he added.
He argued that more than 55% of installed power generation in India will be from renewable sources by 2030. “India has decided that by 2030, about 40% of its installed capacity will come from renewables. But we will be crossing that,” he added.
Following the statement, he also said, “Our Prime Minister at the United Nations General Assembly Climate Summit announced that we will install 450 GW or 450 thousand MW of renewable energy capacity by 2030…So we have followed a quick approach towards reducing carbon footprints,”.
While talking about Perform Achieve and Trade (PAT) scheme, He argued India saved 8.63 million tonnes of oil equivalent in the first round of the scheme. In the second round, the country achieved a further reduction in energy consumption of about 3 million tonnes of oil per year.
Under the PAT scheme, the Bureau of Energy Efficiency had set a target of power savings by designated consumers. The first round of the scheme was from 2012-13 to 2014-15, while the second round was from 2016-17 to 2018-19. The designated consumers get energy savings certificate under the scheme, which can be traded at energy exchanges.
Meanwhile, PM Narendra Modi said on Nov 12, The visit to Brazil will give me an opportunity to hold talks with President Jair M. Bolsonaro on ways to deepen the India-Brazil strategic partnership. There is great potential in sectors like trade, defence, agriculture and “energy”. The PM would be taking part in this year’s BRICS Summit being held in Brazil on 13th and 14th November.
Consequently, The PM would be addressing the BRICS Business Forum and interacting with BRICS Business Council as well as the New Development Bank. Improving economic linkages augur well for the BRICS nations. The Summit’s theme is ‘Economic growth for an innovative future.’ The PM look forward to holding discussions with BRICS leaders on greater cooperation in a wide range of areas worldwide.