Renewables to meet 40% of India’s energy demand by 2030: Power Minister R K Singh
NEW DELHI: Union Minister of State (I/C) for Power and Renewable Energy RK Singh asserted that India's energy needs are going to double in the next 6-7 years at the present rate of growth of the economy. “By 2030, 40 per cent of India's energy needs would be met by Renewable Energy,” the minister mentioned.
Speaking at the curtain raiser for Re-invest 2017 here on Thursday, Singh said, “India invites all Nations to partner in the endeavor to harness Clean Energy and Save the Planet.”
He also avouched that investing in Indian renewable energy sector not only helps in reduction of global carbon footprint but also a great business opportunity for all partner countries- who are looking at the size of Renewable Energy market in India.
On this occasion the Government of India launched a new website, re-invest.in.
Commenting on the record of low tariffs for solar energy in the country, Singh said, “As demand for solar energy increases, I see tariffs and price of cells and modules falling further.”
The Power minister also urged investors to invest in renewable saying the equipment prices will come down further. The country will require $100 billion investment to achieve the target of 175 GW Renewable Energy by 2022, as per the government estimates. “Our per capita consumption of energy is about one 6th of Europe and one 12th of USA. Energy consumption is not going to double or triple but it will be over four times. That is how the rate of growth of energy consumption will be in India,” Singh added further.
The RE- INVEST 2017 has been scheduled on December 8-9, 2017. France will be the partner country for the event. Meanwhile, the Minister for Infrastructure and Sustainable Development, Republic of Kiribati, H.E. Ruateki Tekaiara signed the Framework Agreement of International Solar Alliance (ISA) during the event. Kiribati becomes the 41st country to sign the agreement. NEW DELHI: Exuding confidence that energy consumption will rise over 4 times Power Minister R K Singh on Thursday urged investors to invest in renewables saying the equipment prices will come down further.
"Our per capita consumption of energy is about one 6th of Europe and one 12th of USA. Energy consumption is not going to double or triple but it will be over four times. That is how the rate of growth of energy consumption will be (in India," Singh said .
The minister said the prices of equipment would further come down with expansion of manufacturing of solar cells and modules as the world expands to use of solar energy.
He was of the view that fossil fuels will left behind not because those are bad for the world, but because it also makes sense economically to go in for solar or renewables. He said,"this is matter of worry for those who produce coal or oil. But, this (movement to shift to renewable) can not be stopped because it makes economic sense".
The efficiency of solar panels has already increased to 30 per cent and price will come down due increase in usage, the minister said.
On the occasion, Renewable Energy Secretary Anand Kumar said that out of the commitments of about Rs 4 lakh crore funding from finical institution, including public and private sector banks, during REINVEST 2015, around Rs 1.37 lakh crore has been disbursed. On the sidelines of the conference, he also told reporter that state-owned Indian Renewable Energy Development Agency Ltd (IREDA) will raise $300 million through Masala bonds this fiscal. The Prime Minister of India, President of France, and the Secretary General of United Nations are likely to grace the ISA Founding Ceremony.
"The founding ceremony will firmly establish the ISA and demonstrate our joint commitment to harness solar energy potential. All prospective member countries of the ISA have been invited to participate in these events," said an official statement.