Will ensure adequate power while meeting energy transition goals, ET EnergyWorld

Power minister RK Singh on Tuesday said that with India’s power demand expected to grow in coming years, the priority is to make sure there is sufficient electricity for development.

“Our energy transition will be the fastest in the world, but we will not compromise on availability for our development needs,” Singh said at the ET Energy Leadership Summit.

The country is on track to meet its target of 500 GW installed capacity from non-fossil fuel sources by 2030, Singh said, adding that India could even cross that target. India has been able to add renewable energy capacity at the fastest pace in the world and has emerged as the most attractive investment destination for it, he said.

The country is also making inroads in green hydrogen with the National Green Hydrogen Mission.

Green hydrogen needs to succeed for the world to move toward cleaner feedstock, and a ‘low carbon’ version of the fuel will not be sufficient, Singh said.

Major economies are deliberating on a green hydrogen standard, which is also a focus at the G20 Energy Transition Working Group meetings under India’s presidency, with a few suggesting ‘low carbon’ hydrogen production instead of just ‘green’.

The minister said some countries are taking a protectionist approach toward producing green hydrogen by providing subsidies.

Singh emphasised the need for global energy security and supply chain diversification.

“The future, as I see it, is going to be defined by energy security. Earlier, global discourse was on energy transition, but no one talks about electricity access,” he said.

Among the challenges faced in energy transition is round-the-clock availability of renewable power, Singh said. “We need grid-scale battery storage and need to start manufacturing. We will be able to do that. But currently 77% of the world’s manufacturing is in China,” Singh said.

While India is trying to push battery storage system manufacturing by providing viability gap funding, it has also mapped out pumped hydro storage sites.

Niti Aayog vice chairperson Suman K Bery told the session that India’s focus is on integrating energy transition with overall economic development.

  • Published On Jun 21, 2023 at 07:52 AM IST

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