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India Targets 3 percent of APAC's Offshore Wind Capacity by 2033 with Bold Funding Initiative
The report highlighted India's pivotal role in the clean energy transition, citing the country's robust initiatives in renewable energy deployment.
July 11, 2024. By News Bureau
In a significant move towards bolstering its renewable energy portfolio, India is set to account for 3 per cent of the Asia Pacific region's offshore wind capacity from 2024 to 2033. This projection aligns closely with India's ambitious Viability Gap Funding (VGF) scheme aimed at fostering offshore wind projects.
This was revealed by the Global Wind Energy Council (GWEC). The report highlighted India's pivotal role in the clean energy transition, citing the country's robust initiatives in renewable energy deployment.
It may be noted that recently, India unveiled a comprehensive USD 890 million VGF scheme, earmarked primarily for offshore wind ventures. This includes substantial investments for installing 1 GW of capacity across Gujarat and Tamil Nadu, alongside port infrastructure enhancements crucial for logistical support.
"This strategic funding initiative lays a firm groundwork for India's ambitious 37 GW sea bed lease tender trajectory, dedicated to unlocking the nation's vast offshore wind potential," remarked Bhupinder Singh Bhalla, Secretary of India’s Ministry of New and Renewable Energy.
Currently India has over 70 GW of identified offshore wind potential along the coasts of Tamil Nadu and Gujarat, aims to substantially augment its non-fossil fuel energy capacity. With a target of achieving 500 GW of non-fossil fuel capacity by 2030, and committing to meet 50% of its energy needs through renewable sources, India remains steadfast in its pursuit of sustainable energy leadership within the Asia Pacific region.
This was revealed by the Global Wind Energy Council (GWEC). The report highlighted India's pivotal role in the clean energy transition, citing the country's robust initiatives in renewable energy deployment.
It may be noted that recently, India unveiled a comprehensive USD 890 million VGF scheme, earmarked primarily for offshore wind ventures. This includes substantial investments for installing 1 GW of capacity across Gujarat and Tamil Nadu, alongside port infrastructure enhancements crucial for logistical support.
"This strategic funding initiative lays a firm groundwork for India's ambitious 37 GW sea bed lease tender trajectory, dedicated to unlocking the nation's vast offshore wind potential," remarked Bhupinder Singh Bhalla, Secretary of India’s Ministry of New and Renewable Energy.
Currently India has over 70 GW of identified offshore wind potential along the coasts of Tamil Nadu and Gujarat, aims to substantially augment its non-fossil fuel energy capacity. With a target of achieving 500 GW of non-fossil fuel capacity by 2030, and committing to meet 50% of its energy needs through renewable sources, India remains steadfast in its pursuit of sustainable energy leadership within the Asia Pacific region.
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