Power Minister Hints at Another PLI Scheme for Grid Scale Storage to Augment Capacity
The Minister reminded that India’s per capita carbon emissions is around 2 tonnes while the world per capita average is around 6 tonnes. India’s historical contribution to global emissions has been only 4 percent despite being the fifth largest economy and home to 17 percent of world’s population.
June 21, 2023. By Anurima Mondal
The Minister informed that since renewable energy storage is expensive, the government has come out with a policy to encourage pumped hydro power projects. “Huge capacities of pumped hydro projects are coming up. At the same time, we need to build batteries for grid storage. We need to have another PLI scheme for grid scale storage, so that we can augment capacity and have round-the-clock renewable energy. We will keep adding storage to ensure that demand goes up and investment keeps happening,” he added.
Talking about the ambitious targets in renewable energy, the Minister said, “Today, 42 percent of our energy capacity is from non-fossil-fuels. We have made a commitment to take this to 50 percent by 2030, but we shall achieve 65 percent of capacity from non-fossil-fuels by 2030. We will add 50 GW of capacity every year. We have emerged as the fastest growing renewable energy destination,” adding, “Our pace of energy transition will be the fastest in the world, but we will not compromise with our energy needs. In 2030, I see the capacity crossing 800 GW, and that is at a conservative rate of growth.”
The Minister reminded the audience that India’s per capita carbon emissions is around 2 tonnes while the world per capita average is around 6 tonnes. India’s historical contribution to global emissions has been only 4 percent despite being the fifth largest economy and home to 17 percent of world’s population. Underlining the need to move to net zero and not a low-carbon future, he stated that adding more carbon dioxide to the atmosphere cannot be afforded.
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