New Delhi: Global dependence on fossil fuels is unhealthy, not just for the environment, but also for the economy, said Union Minister of Power, RK Singh as he inaugurated the 5th Assembly of the International Solar Alliance in New Delhi on Tuesday.
During the assembly, the Power Minister said the past two years have provided multiple reminders that the global dependence on fossil fuels is unhealthy, not just for the environment, but also for the economy. "The good news is that we already have the tools we need to counter these, and the development in technology is making sure that even more effective resources are made available in the years to come," he said.
"It is now up to us to decide how quickly we can deploy these. In this pursuit for energy transition, we also have the responsibility of enabling development in the parts of the world that lack access to energy and energy security," the minister added.
He noted that India is aiming for 65 per cent of its power generation capacity from non-fossil fuels but the country will have more than that. "India will have 90 GW of solar equipment manufacturing capacity by 2030, up from 20GW at present," he added.
He also informed that about 15-20 GW of solar equipment manufacturing capacity is under construction and India will have 40 GW of such facilities under Production-Linked Incentive Scheme-II (PLI-II). The Power Minister said that India has planned to have 500 GW of renewable energy by 2030.
Also read:India to have over 65 pc power generation capacity from non-fossil fuels by 2030: RK Singh
"We will not just reach 65 per cent (from renewable energy by 2030), we will have more than that (65 per cent capacity)," the minister said. He also said the industry has evinced interest in 25 million tonnes of green hydrogen capacity.
The green hydrogen manufacturing capacity could be 35-40 million tonnes, he reiterated. It is pertinent to note that India and France are slated to sign an agreement on Green Hydrogen soon.
India holds the office of the President of the ISA Assembly, with the Government of France as Co-President. Ministers from 20 countries and delegates from across 110 Member and Signatory countries and 18 prospective countries joined the inaugural ceremony of the 5th ISA Assembly on Tuesday.
The Union Power Minister further sid that 'it is our mission that ISA can assist member nations in formulating and implementing solar-ready policies and regulatory development of national energy landscapes and for engaging with public and private sector entities to leverage low-cost financing to achieve ISA’s solarisation agenda.
The ISA is structured as an international resource hub with in-house technical expertise that will be readily accessible by member nations and is capable of guiding project implementation at scale.
The Assembly is the apex decision-making body of ISA, in which each Member Country is represented. This body makes decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective. The Assembly meets annually at the ministerial level at the ISA’s seat.
The International Solar Alliance is an international organization with 110 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable way to transition to a carbon-neutral future. ISA’s mission is to unlock US$ 1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing.
