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Investments in renewable energy will reach $16.5 billion in 2024, an 83% increase

<p>According to predictions from the power ministry, India would see an increase in investments in renewable energy projects of more than 83%, reaching around $16.5 billion in 2024, as the nation concentrates on energy transformation to lower carbon emissions.</p>
<p><img decoding=”async” class=”alignnone wp-image-323262″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-investments-in-renewable-energy-will-reach-16-5-billion-in-2024-an-83-increase-ima.jpg” alt=”theindiaprint.com investments in renewable energy will reach 16 5 billion in 2024 an 83 increase ima” width=”1177″ height=”706″ title=”Investments in renewable energy will reach $16.5 billion in 2024, an 83% increase 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-investments-in-renewable-energy-will-reach-16-5-billion-in-2024-an-83-increase-ima.jpg 290w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-investments-in-renewable-energy-will-reach-16-5-billion-in-2024-an-83-increase-ima-150×90.jpg 150w” sizes=”(max-width: 1177px) 100vw, 1177px” /></p>
<p>This aligns with India’s aspirational goal of generating 500 GW of renewable energy by 2030 and its determination to lower the proportion of fossil fuel-based power production to less than 50% of total power generation capacity. India pledged to achieve net zero emissions by 2070.</p>
<p>Nonetheless, Union Power and New & Renewable Energy Minister R K Singh has said repeatedly that by 2030, non-fossil fuels might account for up to 65% of power generating capacity, exceeding the 50% objective.</p>
<p>Singh stated in an interview with PTI that India is expected to add 25 GW of renewable energy capacity by 2024, requiring an investment of Rs 1,37,500 crore (roughly $16.5 billion), which would be more than the 13.5 GW seen in 2023 with an investment of Rs 74,250 crore (roughly USD 9 billion). India has placed a great deal of emphasis on green hydrogen in addition to solar and wind energy to lessen reliance on fossil fuels, particularly diesel, which is necessary for long-haul transportation.</p>
<p>India has a diesel-based economy, meaning that the majority of commercial vehicles used for freight and passenger services run on diesel fuel.</p>
<p>With a budget of Rs 19,744 crore, the National Green Hydrogen Mission was authorized by the Union Cabinet in January of this year.</p>
<p>The Solar Energy Corporation of India (SECI) invited bids later in July to provide incentives for the yearly production of 1.5 GW of electrolyzer manufacturing facilities and 4,50,000 tons of green hydrogen.</p>
<p>Twenty-one enterprises submitted bids for incentives under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme (Mode-1-Tranche-I) to manufacture 3.4 GW of electrolyzers, while fourteen companies competed for incentives to produce 5,53,730 tonnes of green hydrogen.</p>
<p>Adani New Industries, L&T Electrolysers, Bharat Heavy Electricals, and Reliance Electrolyser Manufacturing were a few of the twenty-one enterprises that submitted bids for the government incentives to establish 3.4 GW of yearly capacity for producing electrolyzers.</p>
<p>Ohmium Operations, Hild Electric Private, Waaree Energies, Jindal India, Avaada Electrolyser, Green H2 Network India, Advait Infratech, ACME Cleantech Solutions, and Oriana Power were among the other firms that submitted bids.</p>
<p>In the bidding were also Matrix Gas and Renewables, HHP Seven, HomiHydrogen, Newtrace, C. Doctor & Company, Pratishna Engineers, and LiveHy Energy.</p>
<p>ACME Cleantech Solutions, Torrent Power, UPL, GH4INDIA, Aneeka Universal, Sembcorp Green Hydrogen India, Greenko ZeroC, and CESC Projects were among the fourteen firms that expressed interest in receiving incentives to establish green hydrogen production plants.</p>
<p>The others were Bharat Petroleum Corporation, Reliance Green Hydrogen and Green Chemicals, Avaada GreenH2, JSW Neo Energy, Welspun New Energy, and HHP Two.</p>
<p>The National Green Hydrogen Mission seeks to establish India as a worldwide center for producing this clean energy source, and by 2030, it is anticipated that 5 million metric tons of annual capacity for green hydrogen production will have been developed.</p>
<p>In the first phase of the mission, two green hydrogen hubs are to be established.</p>
<p>Three significant ports, Deendayal, Paradip, and V O Chidambaranar (Tuticorin) Ports, have been designated by the Ministry of Ports, Shipping, and Waterways to be developed as hydrogen hubs.</p>
<p>According to Singh, India can produce 7.8 million tons of green hydrogen at various phases of development.</p>
<p>Supported by an allocation of Rs 17,490 crore, the Strategic Interventions for Green Hydrogen Transition (SIGHT) initiative aims to foster the generation of green hydrogen and electrolyzers, cultivate the green hydrogen ecosystem, and facilitate industrial decarbonization.</p>
<p>Vineet Mittal, the co-chairman of the CII Renewable Energy Council and chairman of the industry association CII’s Taskforce on Green Hydrogen, said that India’s commitment to environmental sustainability is in line with the worldwide trend towards green hydrogen and its derivatives.</p>
<p>But in 2024, supplying the increased need for renewable energy and building a strong ecosystem for green ammonia and green hydrogen will be crucial. The Chairman of Avaada Group, Mittal, said that India may become a manufacturing center to address the growing need for green hydrogen derivatives by using the country’s capacity for renewable energy.</p>
<p>Rahul Munjal, Co-Chairman of the CII Renewable Energy Council, said that the forecast for renewable energy in 2024 is favorable and that further investment and technical improvements are anticipated, especially in the fields of battery storage and renewable energy.</p>
<p>In addition, Munjal oversees Hero Future Energies as its managing director and chairman.</p>
<p>Targeting 292 GW of solar, 100 GW of wind, and 18 GW of hydropower is part of a holistic vision presented in the Central Electricity Authority (CEA) study on Optimal Generation Mix by 2030. This presents numerous opportunity for varied investments in the field.</p>
<p>“Renewable Energy Implementing Agencies) should issue large-scale tenders (up to 5 GW) to maximize the execution capabilities of developers in order to achieve the goal of 292 GW solar installations and 100 GW wind installations by 2030,” stated Shekhar Dutt, Director General of the Solar Power Developers Association (SPDA).</p>
<p>In an effort to encourage the use of green hydrogen, he also advocated for the imposition of Green Hydrogen Consumption Obligations (GHCOs) on major industrial sectors.</p>
<p>Senior Vice President and Co-Group Head of Corporate Ratings at ICRA Girishkumar Kadam said that India’s installed renewable energy capacity, excluding big hydro, is expected to rise from 132 GW as of October 2023 to around 170 GW by March 2025.</p>
<p>Furthermore, he said that the substantial increase in tendering activity in the current fiscal year—with over 16 GW projects having been bid out so far and another 17 GW bids pending by the central nodal agencies—is probably going to bolster the capacity addition that follows.</p>
<p>He said that this is consistent with the 50 GW annual bidding trajectory that the government declared in March 2023.</p>

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