India Launched National Green Hydrogen Mission Because We Believe In Environment : Union Minister R. K. Singh

Net Zero is important, but what is more important is that we provide enough electricity for our growth : said NRE and Power Minister R. K. Singh

Union Minister for Power and New and Renewable Energy, R. K. Singh, emphasized the importance of adding energy capacity in India to sustain the nation’s growth. He stated that the country’s electricity demand is growing rapidly and is expected to double by 2030. While acknowledging the significance of achieving net-zero emissions, Singh emphasized the need to ensure sufficient electricity supply for the country’s growth and the improvement of living standards, which would require higher per capita consumption of electricity.

Singh highlighted that India has already added 1.84 lakh MW of power since 2014, but stated that this is not sufficient. He assured the investor community that India offers a big market for investment, as it is one of the fastest-growing countries with a fast-growing energy demand. Singh mentioned that the power sector has become sounder than before, with measures taken to address viability challenges, legacy dues, and payment issues.

The Minister stressed the importance of not making promises of free power, stating that someone has to bear the cost, usually the taxpayers. He mentioned that a system has been put in place where electricity supply will be automatically cut off if discoms (distribution companies) fail to pay for the electricity consumed.

Singh highlighted that India is a world leader in energy transition, having achieved its target of having 40% of its capacity from non-fossil fuels by 2021, nine years ahead of schedule. He affirmed that India will adhere to its trajectory of having 50% of its capacity from non-fossil fuels by 2030.

The Minister mentioned that the government has addressed challenges in adding capacity to renewables and has implemented measures to ensure compliance with renewable purchase obligations. He emphasized the importance of hydro power in balancing the addition of renewable energy capacity and its positive impact on the environment.

Singh stated that the government is taking steps to lower the cost of energy storage and is planning to introduce more bids using Viability Gap Funding. He expressed the government’s commitment to the environment and mentioned the aim of becoming a champion in green hydrogen production.

Regarding the commercial and industrial sectors, the Minister highlighted the opportunity of transitioning to open access, urging industries to start buying renewables as it is cost-effective. He also welcomed nuclear power as a clean energy source and acknowledged its presence in the energy transition plans of most developed countries.

Singh mentioned that India already consumes a significant portion of green electricity, and by 2030, nearly 50% of the electricity consumed in the country will be green. He stated that the government is developing policies to encourage states to go green.

The Minister emphasized the importance of research and development (R&D) in partnership with industry, involving scientists, engineers, and academia. He also expressed the need for India to launch its own green bonds.

Overall, the Minister for Power and New and Renewable Energy underscored the need for India to add energy capacity to meet the growing electricity demand while pursuing its commitment to the environment and energy transition.

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