According to a new report by Bloomberg New Energy Finance, India is on track of installing 10gW of power capacity from renewables starting this year onwards, as the country is making strides to achieve its clean energy targets.
The country’s Ministry of New and Renewable Energy (MNRE) recently announced that it had already surpassed 50gW of renewable energy installations. The Minister for Power, Coal, New and Renewable Energy and Mines, Piyush Goyal, commented:
“India is absolutely committed to renewable energy targets and clean energy growth and nothing will stop that.”
Managing director of Bridge to India, Vinjay Rustag, also stated:
“When you talk to major international investors about the Indian renewables sector, the fundamentals for the sector are compelling. When you look at the imperative to reduce carbon emissions, the growing power demand, the desire to reduce energy costs, as well to provide power to people 24/7 across India, the fundamentals are so strong that we see a strongly growing renewable power sector for one or two or more decades in the future.”
This energy development program is welcomed by many industry experts around the world. According to Institute for Energy Economics and Financial Analysis director Tim Buckley, the government has put forward a plan that is commercially justified and viable, instigating utilities and global corporations to commit to it. As it has been pointed out, the country is already receiving an influx of investments from the local and foreign private sectors.
As India is making huge developments in clean energy, experts believe that it is high time to make connections to the country’s renewables sector.