The right financial and investment climate for renewable energy is a pre-requisite for achieving intended climate goals of the country. Analyze (200 Words)
Refer - Business Line
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· Prime Minister ‘Panchamrit’ pledge at the UN-led COP 26 meet in Glasgow, Scotland, includes Net-zero by 2070, 500 GW fossil fuels by 2030, reducing carbon emissions by 1 billion tonnes, cutting carbon intensity by 45 per cent and climate finance
· India’s primary energy consumption will grow 156 per cent by 2040 (BP Energy Outlook, 2019). India will also account for 25 per cent of the rise in global energy use by 2040.
· Despite the recent strides in renewable energy, India still largely depends upon coal (around 55%) and oil (30%) for energy sources. The share of hydroelectricity in India’s energy mix has been slowing. But the share of solar and wind has accelerated over last two decades.
· A solar power plant offers good option for electrification in hilly regions, forests, deserts and islands where other resources are neither available nor viable.
· The government has been promoting renewables since Electricity Act 2003. Subsequently National Electricity Policy, 2005; National Clean Energy Fund, 2010; revised tariff policy 2016.
· Further, the National Bio-fuels Policy 2018 targets 20 per cent blending of ethanol in petrol and 5 per cent blending of biodiesel in diesel by 2030.
· The developed countries and multilateral organisations should share responsibility and help India achieve its pledges within the timeframe.
Hina Katariya 3 years
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IAS Parliament 3 years
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Abhi 3 years
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IAS Parliament 3 years
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SAURABH SUMAN 3 years
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IAS Parliament 3 years
Good attempt. Keep Writing.
