City
Epaper

Renewable energy share in India’s power generation to reach 35 pc by FY30

By IANS | Updated: September 20, 2024 17:05 IST

New Delhi, Sep 20 The share of renewable energy, including hydro, in the country’s power generation is projected ...

Open in App

New Delhi, Sep 20 The share of renewable energy, including hydro, in the country’s power generation is projected to rise to 35 per cent by FY30, up from 21 per cent in FY24, a report showed on Friday.

According to ratings agency ICRA, achieving the renewable purchase obligation (RPO) target of 43.3 per cent by FY30 will require more than doubling the current renewable energy capacity of 200 GW to meet future demand.

This will involve significant investments in energy storage and grid integration solutions, as well as addressing challenges related to land acquisition and transmission infrastructure, the findings showed.

The country has made significant progress in renewable energy capacity addition with a strong policy focus, but factors such as energy storage, grid integration, and fully integrated renewable energy equipment manufacturing pose challenges, given the increasing share of renewables in the energy mix.

According to Girishkumar Kadam, senior vice president and group head-corporate ratings at ICRA, the evolving landscape presents both risks and significant investment opportunities, especially as the demand for cleaner energy sources intensifies.

The sector's growth potential is immense, provided the Government addresses these pressing issues expeditiously, he added.

The government has committed to achieving 50 per cent of its installed power capacity from non-fossil fuel sources by 2030.

When it comes to electric vehicles (EVs), electric two-wheelers will account for 25 per cent of new vehicle sales, while electric three-wheelers and buses will constitute 40 per cent and 30 per cent, respectively, by FY2030, the report noted.

ICRA expects the EV sector to attract substantial investments, with nearly Rs 25,000 crore anticipated to be poured into charging infrastructure and localisation of EV components over the next three to four years.

According to the report, hurdles such as charging infrastructure, battery technology, and supply chain resilience are the key critical areas that need to be addressed for a successful transition to sustainable transportation.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

InternationalBangladesh: Polytechnic Institutes go on nationwide shutdown for technical education reforms

Other SportsPremier League confirms opening of India office in Mumbai

NationalClash in Palakkad Municipality meet, Chairperson says assaulted by Left-Cong councillors

NationalTN CM Stalin confident of retaining power; highlights achievements in Assembly

NationalSC rejects Sanjiv Bhatt’s plea for bail, suspension of sentence in custodial death case

Technology Realted Stories

TechnologyNovel CAR-T therapy shows promise against hard-to-treat cancer

TechnologyIndia blocks X account of Pak Defence Minister Khawaja Asif

TechnologyTelecom industry backs govt move to tackle spam calls, messages from OTT platforms

TechnologyIndian youth ready and disruptive today, setting research milestones: PM Modi

Technology6 oil marketing companies invest Rs 290 crore to support 303 startups: Hardeep Puri