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India is a World Leader in Energy Transition, says RK Singh

The minister spoke of the importance of hydro power, in balancing the huge capacity addition being made to renewable energy.

May 29, 2023. By Anurima Mondal

Power Minister RK Singh has reiterated the need for India to keep adding energy capacity while addressing a plenary session on “Renewables - Powering the Net Zero Agenda of India”, on the final day of the CII Annual Session 2023, in New Delhi.

“What we need to be concerned about is the requirement of energy for our growth. There can be no compromise on this. Our electricity demand is growing rapidly. By 2030, energy consumption is expected to double. We will need to add capacity so that our country can grow. Net Zero is important, but what is more important is that we ensure enough electricity for our growth. The living standards of our people will need to improve - and that will require higher per capita consumption of electricity”, said the minister.

The minister recalled that the country has added 1.84 lakh MW of power from 2014 till now, but that this is not sufficient. “Our per capita carbon emissions are one third of global average, and there is going to be no compromise in ensuring 24/7 electricity”, said the minister.

Further, Singh pointed out to the industry that India is a world leader in energy transition. “We had pledged that by 2030, we will have 40 percent of our capacity from non-fossil fuels, we achieved this by 2021, nine years in advance. We have pledged that 50 percent of our capacity will come from non-fossil fuels by 2030. This trajectory will be adhered to.” The minister made it clear that India is at the forefront of the transition, since “we believe in the environment”, he added.

He spoke of the importance of hydro power, in balancing the huge capacity addition being made to renewable energy.

Talking about green hydrogen, he said, “Despite the fact that we face so many barriers, we will become a champion in green hydrogen production as well. We shall continue to be the leader in energy transition. We need to add capacity, and adding capacity by renewables with Make in India is another of our priorities.”

Explaining challenges in capacity addition, the Minister said that the government will be changing bidding rules to provide that failing in meeting Scheduled Commercial Operation Date will result in the bidder not being able to bid for one year, and failing second time will result in not being able to bid for three years. “So, when you bid, bid carefully and with foresight and deliberation.”

Speaking about reforms in the sector, the minister informed that renewable capacity obligation is now obligatory and that no DISCOM will think about waiting till price becomes lower in future because there will be a uniform rolling tariff.

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CII Annual Session 2023

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