India needs Rs 2.5L crore for 500-GW green energy: Power ministry

During the COP26 meet in November 2021, Modi announced that India will have non-fossil electricity generation of 500 GW capacity by 2030

As the 2030 deadline to transition to 500-GW non-fossil energy looms large, the Union Power Ministry on Monday asserted that the country was on path to achieve the goal, but requires investments with the transmission works for the solar projects alone expected to cost Rs 2.5 lakh crore.

During the COP26 meet in November 2021, Prime Minister Narendra Modi announced that India will have non-fossil electricity generation of 500 GW capacity by 2030.

With the present installed capacity of renewable energy estimated at 160 GW, India has a long way to go to achieve the target.

Replying to questions from mediapersons, Power Ministry secretary Alok Kumar said India has achieved similar goals earlier.

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“In the 2015 Paris meet, we had pledged to achieve 40% of the power generation (installed capacity) by non-fossil fuels by 2030. We achieved it in 2022 itself. Similarly, we also pledged that we will reduce our emissions by 33% as compared to 2005 levels by 2030. We are already close to 30%,” he said.

He said the government has now set a higher goal, but it requires investment.

“We are aiming to achieve 42% of electricity from renewable sources by 2030. If you talk of solar, we have about 61 GW at present and we are expecting close to 300 GW of installed capacity. The 500 GW transmission plan will require new investment
of Rs 2.5 lakh crore for transmission alone. We estimate that 1 MW solar energy will require Rs 4 crore,” he said, adding that the country will require $10 billion by 2070 to achieve net zero.

To questions over assessment of the threat posed to the environment by the small hydro projects in the wake of the Joshimath incident, he said such projects need environment clearance.

“Most of the renewable energy in India will come from solar and wind. Small hydro projects have to get clearance from the environment ministry,” he said, adding that a group in the Ministry of Home Affairs was looking into the Joshimath incident comprehensively and will come up with a conclusion.