The Economic Survey 2018-19 tabled in Parliament today has pitched for fresh investments to the tune of a massive $330 billion in the renewable energy sector over the next decade through 2030. This comes a day before the Modi government presents the Union budget for 2019-20.
“Broad estimates suggest that additional investment in renewable plants for up to the year 2022 (without transmission lines) would be about $80 billion at today’s prices and an investment of around $250 billion would be required for the period 2023-2030. Thus, on an annualized basis, investment opportunity for over $30 billion per year is expected to come up for the next decade and beyond,” the Survey said.
The survey said that progressively declining costs, improved efficiency and reliability have made renewable energy an attractive option for meeting the energy needs in a sustainable manner and helping India pursue its low carbon development pathway.
It added that around 27 GW renewable power capacity is under installation and over 38 GW under bidding and the national target is to achieve an installed capacity of renewable based power of 175 GW by the year 2022.
The share of renewables (excluding hydro above 25 MW) in total generation was around 10 per cent in the year 2018-19 compared to around 6 per cent in 2014-15. The Survey said globally India stands 4th in wind power, 5th in solar power and 5th in renewable power installed capacity. The cumulative renewable power installed capacity (excluding hydro above 25 MW) has more than doubled from 35 GW on 31 March 2014 to 78 GW on 31 March 2019.
According to the document, the implementation of various energy efficiency programmes has resulted in total cost savings worth Rs 53,000 crore in 2017- 18 and contributed in reducing 108.28 Million Tonnes of CO2 emission. The contribution is largely from three major programmes – PAT, UJALA and Standard & Labelling.
The overall electricity savings due to energy efficiency measures is 7.21 per cent of the net electricity consumption in 2017-18, total thermal energy saved is 2.7 per cent of the net thermal energy consumption and 2.0 per cent of the net energy supply, the survey said.
ET Energy World