The Union Ministry of New and Renewable Energy has declared the setting up of a task force to accelerate India’s aggressive target of achieving 500 GW of renewable energy capacity by 2030. Union Minister of New and Renewable Energy Pralhad Joshi laid out this initiative at the Chintan Shivir 2024 held in Bhubaneswar, Odisha, underscoring that it will take the cooperation of all stakeholders—central and state governments, industry leaders, and financial institutions too.
The task force will be an MNRE-Ministry of Power joint initiative to focus on the key challenges in the RE sector. India needs to install 288 GW of renewable energy capacity in six years, which requires an estimated ₹42 lakh crore of investment, including building strong transmission infrastructure. The Chintan Shivir was attended by 117 industry leaders and representatives of 12 major states that produce renewable energy, the meeting which was spread over two days.
Various potential prospects for an increase in solar, wind, and green hydrogen projects were discussed during the event. The delegates pointed out that along the cost line of Odisha, 140 GW of solar capacity and additional scope for green hydrogen production have the potential for these projects. The announced investments are: a 6,000 MW solar manufacturing facility at Dhenkanal with an estimated investment of ₹9,000 crore and a 1,000 MW solar module unit in Bhubaneswar with an investment of ₹730 crore.
The event also discussed accelerating project execution through early finalization of power purchase agreements and enforcing renewable purchase obligations. More importantly, the MNRE announced plans for indigenous RE technologies, hackathons to promote indigenous technologies, as well as an expansion of PLI for solar module manufacturing.
A new joint Center of Excellence with the Ministry of Power that will establish a research and development hub is to be encouraged by innovation. Odisha is expected to lead the world as a production hub in renewable energy and green hydrogen with exploration of these areas by using floating solar panels.
Conclusion:
The concept of Chintan Shivir was accordingly conceived with the ultimate objective of bringing in ideas for fine-tuning the renewable energy roadmap of India. Through this, the government, industry, and financial institutions are joining hands to ensure that the India 500 GW target is met by 2030 in tandem with the “Panchamrit” goals for climate.
Source: ANI