Question- With regard to the report related to renewable energy released by IEEFA in February ‚2021, consider the following statements-
- This report presents details related to investment in renewable energy and grid projects in India.
- According to this report, India will need to produce 250 GW of renewable energy by 2030.
- India will need an investment of 800 billion US dollars for energy production.
- Since 2014, US $ 42 billion has been invested in the field of renewable energy in India.
Considering the above statements, select the correct statement-
(a) 1 and 4
(b) 2 and 4
(c) 3 and 4
(d) 1,2 and 3
Answer – (a)
Related facts
- The Institute for Energy Economics and Financial Analysis is a U.S. non-profit corporation.It examines issues related to energy markets, trends, and policies.
- It has recently(February 2021) released a report related to India’s renewable energy.
- It has recently(February 2021) released a report related to renewable energy in India.
- Highlights
- This report presents details related to investment in renewable energy and grid projects in India.
- A huge global capital pool is mobilising to invest in renewable energy and grid projects in India, according to a new IEEFA report, with pull factors including solar power tariffs hitting record lows, plunging solar module costs, record low interest rates, and the security of government-backed, 25-year power purchase agreements (PPAs).
- Domestic and global institutions across the financial, corporate, energy, utility and government sectors are primed to deploy a wall of capital that India needs to fund its ambitious renewable energy targets
- According to the report, India has received more than 42 billion dollar in investment since 2014, the report highlights that it will require a further 500 billion dollar in order to reach 450 gigawatts(GW) of capacity by 2030.
- This includes the capital cost of adding more than 300GW of new renewables infrastructure, firming low-cost but intermittent renewable power generation, and expanding and modernising grid transmission and distribution.
- The report says India will need $1.4 trillion in additional funding for low emissions technologies in order to be on a sustainable path over the next 20 years – 70% higher than in a scenario based on current policy.
- Energy security — The ongoing solar energy deflation – now around Rs.2/kWh, below the marginal fuel cost of coal-fired power plants – gives India the economic incentive to accelerate its energy transition and be a world leader in helping to solve the climate crisis, plus address chronic air pollution and water stress.
- Report estimates that striving for 450 gigawatts of renewable energy by 2030 would require deploying $500 billion of investment over the coming decade – $300 billion for wind and solar infrastructure, $50 billion on grid firming investments such as gas peakers,hydro and batteries, and $150 billion on expanding and modernising transmission and distribution.
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