The Indian government is going to shortly draft a ‘Mission 500GW’ action plan to follow up on Prime Minister Modi’s announcement at the COP26 climate summit in Glasgow last month. According to ET, which is a joint committee of the ministries of power and new and renewable energy would be formed soon to draw up a clear action plan for increasing India’s renewable energy (RE) potential to 500GW by the year 2030.
This group will also analyze transmission challenges, various types of technologies to be deployed, the energy balance for the 500GW target, and storage requirements, according to officials. It will also delve into the regulatory structure needed to scale up renewable energy and attract critical foreign investment. In 2021, India’s current capacity will be at 101 GW. To satisfy the commitment, another 400GW of renewable energy must be added by 2030.
At COP26, Modi stated India’s intention to achieve 500GW of non-fossil-fuel built capacity and 50 percent of its energy requirements from renewables by 2030. India had previously stated a goal of 450 GW of renewable energy. With 50GW to add, the 500GW goal is no easy task, as RE capacity must be increased at a rate of almost 30-40GW each year for the next nine years, or by 2030.
Except for 2020, when it added 12GW, India’s present course shows that it has been able to add 8GW of renewable energy per year on average. As a result, a 40GW addition per year will be a difficult order, especially since this will have to be done without the input of huge hydropower plants. India’s 450GW RE objective has remained ambiguous so far, allowing the government to stick to around 390GW of RE while adding 60GW of huge hydro energy.
Officials informed ET that the post-COP26 promise will now necessitate a 500GW RE-led campaign. The mechanisms for the same will be fleshed out by the committee. The Central Electricity Authority’s Report on the Optimal Generation Capacity Mix for the period of 2029-30 is expected to play a big role in the new matrix. This meant that solar power would account for 280GW of the 450GW renewable energy objective, while wind energy would account for 140GW. Other hybrid energy sources were to provide the rest. This is where the proposed hydrogen-biofuel mix could come in handy.