(a) whether it is a fact that the country will need at least US $ 125 billion to fund a plan to increase the share of renewable power supply in the country’s grid by 2022, underlining the immense financing challenge ahead;
(b) if so, the details thereof;
(c) whether the Government expects renewable energy to make up 40 per cent of installed power capacity by 2030 compared with 18.2 per cent at the end of 2017; and
(d) if so, the details thereof?
THE MINISTER OF STATE FOR NEW & RENEWABLE ENERGY AND POWER (I/C)
(SHRI R.K. SINGH)
(a) & (b) The Government has set a target for installing 175 GW of Renewable Energy capacity by the year 2022 which includes 100 GW from solar, 60 GW from wind, 10 GW from Biomass and 5 GW from Small Hydro. A cumulative Renewable Energy capacity of 65.55 GW has been installed in the country upto February 2018. To achieve the balance target of 109.45 GW, an investment of approx. 85 billion US$ has been estimated as the capital cost. The details of the source-wise requirement of funds are given in the Annexure.
(c) & (d) As per Government of India’s submission to the United Nations Frame Work Convention on Climate Change on Intended Nationally Determined Contribution (INDC), a cumulative electric power capacity of 40% from non-fossil fuel based energy resources is to be achieved by 2030. To achieve this, the Government has scaled up the target of installing renewable energy capacity to 175 GW by the year 2022.
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