India announces renewables push

India’s power minister has said the nation aims to more than double renewables’ share in its energy mix by 2020 as the nation also announced a five-fold planned increase in solar power capacity.

Minister of Power, Coal and New and Renewable Energy Piyush Goyal (pictured) said renewables could supply 15 per cent of India’s energy within five years, up from the current 6 per cent.

However, Goyal acknowledged that coal will continue to dominate India’s energy landscape “for some time”, the Economic Times reported. Coal currently provides 60 per cent of India’s electricity.

Goyal also warned that renewable energy project developers should not count on subsidies being available in future, but should instead focus on getting banks to more readily finance their projects. On the banks’ part, he said, "a more realistic interest rate with staggered repayment could perhaps be the answer to solar energy expansion”.

In advance of this week’s United Nations climate conference in Peru, India announced plans to increase its installed solar power capacity to 100 GW by 2030.The recent US-China climate agreement is seen by many as putting the focus on India, the world's third-largest carbon emitter.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...