Indian reaffirms commitment to achieve 175 GW renewables target at COP23

New Delhi: Reaffirming India’s resolution to go ahead with the set clean energy agenda with determination and clarity, environment secretary C K Mishra said the country has been pursuing its goals of setting up renewable energy capacities and changing its energy mix, and will continue to do so to provide equitable sustainable development.

He was speaking at a panel discussion on ‘Innovative Financing and Market Evolution to achieve 175 GW renewables by 2022’ organized by the Ministry of New and Renewable Energy (MNRE) in partnership with Confederation of Indian Industry (CII) at Conference of Parties (CoP) 23 in Bonn, Germany.

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“Prices of solar and wind have dramatically reduced to 3-4 cents per Kwh as against 9-12 per unit in 2013, even as capacities have scaled up to 47.5 GW. Policymakers and industry are now confident of accelerating this growth trajectory to provide electricity, along with storage, at an estimated Rs 5 per unit before 2025,” the ministry said in a statement.

Stressing upon the need to push for higher research in storage technology which could compliment the infirm renewable power, Ajay Mathur, Director General of The Energy and Resources Institute (TERI) said during the discussion there was an imminent need to look at bringing down storage costs.

“There has been an exponential expansion of the industry, with almost 10,000 firms operating in the ecosystem. This is a result of the market being conducive to business and investments,” Rahul Munjal, Managing Director (MD) Hero Futures Energy said.

Speaking at the same event, Ratul Puri, Chairman of Hindustan Power Projects highlighted the need to make power available at affordable rates and said that Indian industry is working towards achieving that goal.

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