Press Release

India already achieved its target of 40% power generation from green sources as per the 2016 Paris Climate Accord, well ahead of time - Dr. Sudhanshu Trivedi

India already achieved its target of 40% power generation from green sources as per the 2016 Paris Climate Accord, well ahead of time - Dr. Sudhanshu Trivedi

New Delhi, 11th October 2022: Infrastructure and energy are important pillars in our journey towards becoming a developed country. The government is emphasizing on developing non-fossil fuel energy and solar energy has already taken a quantum jump. We have achieved our target of 40% of power generation from green sources as per the 2016 Paris Climate Accords well ahead of time, said Dr. Sudhanshu Trivedi, MP Rajya Sabha and Member, Standing Committee on Energy said at the 2-day summit organized by ASSOCHAM on International Energy.

Now, we are setting the target for 300 GW of solar energy by 2030. The vast expanse of our country presents exciting opportunities, the western parts have abundant sunshine while the eastern part enjoys heavy rainfall enabling us to harness different sources of green energy added Dr. Sudhanshu Trivedi at the 2-day summit organized by ASSOCHAM on International Energy.

“We are now the 5th largest economy in the world. Estimates are that by 2027 we may surpass Germany and by 2029 we may surpass Japan to become the 3rd largest economy. The target now is to become a developed nation by 2047, development of green energy and the transition towards green economy will be an important factor towards achieving that goal” he added.

Delivering the opening remarks, Mr. Sumant Sinha, President ASSOCHAM and Chairman and CEO Renew Power said, “It’s no secret that India has been terrific in creating a green economy. We have created a strong foundation across different sectors to really grow the sector. We have about 12% of renewable energy in the grid so far and we have a long way to go. The target is to get this number to 30% by 2030, so there is a lot of room for growth there. From manufacturing to development to consumer industries there are a lot of opportunities in the business side as well.

Greening the non-electricity part of the energy value chain is another opportunity, with the opening up of opportunities around green hydrogen that is very doable. There also the opportunity to create an economy that goes beyond the domestic economy and position India as significant exporter as the world is increasingly looking for a non-China supply chain option. We need to do much more in the technology side, project size are going to increase as we go forward and that hopefully will lead us to work in sync with each other rather than working in competition with each other. An integrated industry, working closely with the government and with the entire value chain is in the making and hopefully that will reduce the reliance on imports.”

Mr. Debasish U Banerjee, MD Distribution, CESC Limited, addressing the summit said, “Electricity is the prime driver for the growth of GDP in any country. Looking at the developing space of urbanization along with the growth of middle-income group and electrification around the country, with so many industries and commercial businesses coming up under the Atmanirbhar Bharat scheme has driven the growth of electricity. India is poised to reach an annual consumption of 2538 billion units and 363GW in the next ten years. Increase in production to meet increasing demand would raise the installed capacity to 866GW in the next decade. About 50% of which will be from renewable sources. It is equally important that commercial and industrial users as well as construction activities that have a huge energy footprint be included in the climate control agenda so that they too become green.”

Mr. Pradeep Kheruka, Executive Chairman Borosil Group said, “We can look forward to a production of upto 51GW of solar panels annually in the next three years and we are already witnessing huge investments being funneled into solar manufacturing companies. Escalating cost of natural gas prices have a cascading effect on solar panel production and must be addressed to keep prices in check.”

The summit also saw engaging discussions on topics such as ‘Industry Contribution and Targets towards Green Economy’, ‘Emerging Technology Roadmap’, ‘Grid Modernization & Resilience – Integrate RE at Scale’, ‘Efficient and Low Carbon Mobility’ and a CEO’s Round Table Discussion with Shri R K Singh, Hon’ble Union Minister for Power, New & Renewable Energy.

Some of the key speakers at the summit were, Mr. Ashish Khanna, President Renewables Tata Power; Mr. Deepak Sood, Secretary General, ASSOCHAM.