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Achieving the 2030 target of 450 GW of renewable energy – A prescription for India
Renewable power is booming, as innovation brings down costs and starts to deliver on the promise of a clean energy future, Hydropower is the largest renewable energy source for electricity in every country , though wind energy is soon expected to take over the lead Like for example American solar and wind generation are breaking records and being integrated into the national electricity grid without compromising reliability
This means that renewables are increasingly displacing “dirty” fossil fuels in the power sector, offering the benefit of lower emissions of carbon and other types of pollution
what exactly is renewable and non renewable energy
The Indian government set a target of 450 gigawatts of renewable energy capacity by 2030. For comparison, the country’s total energy generation capacity today is about 380 gigawatts, out of which 90 gigawatts are of renewable energy, not including large hydropower stations
Researchers at UC Santa Barbara have just released a study that demonstrates why India should double down on renewables.
The study examines electricity and carbon mitigation costs associated with achieving aggressive renewable energy targets in India’s electricity grid in 2030, and finds that wind-majority or balanced wind-solar targets have the most cost-effective potential for power in India.
Indian renewable energy sector is the fourth most attractive renewable energy market in the world. India was ranked fifth in wind power, fifth in solar power and fourth in renewable power installed capacity, as of 2019
Installed renewable power generation capacity , has gained pace over the past few years , posting a Compound Annual Growth Rate of 17.33% between Financial Year 2016 to 20 20. With the increased support of Government and improved economics, the sector has become attractive from investors perspective. As India looks to meet its energy demand on its own, which is expected to reach 15,820 Terawatt hour , by 2040 , renewable energy is set to play an important role. The government is aiming to achieve 227 GW of renewable energy capacity (including 114 GW of solar capacity addition and 67 GW of wind power capacity) by 2022, more than its 175 GW target as per the Paris Agreement. The government plans to establish renewable energy capacity of 500 GW by 2030
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