India added RE capacity worth 15.4 GW in 2021, ranks 3rd after China, US: REN21 report
India added around 15.4 gigawatts (GW) of renewable energy capacity in 2021, the third-highest after China (136 GW) and the US (43 GW), in line with a world-standing report launched on Wednesday.
The REN21's renewables 2022 international standing report famous that with this development, India is now the third-largest market on this planet for brand new photo voltaic photovoltaics (PV) capability and ranked fourth on this planet for whole photo voltaic vitality installations (60.4 GW) by overtaking Germany at 59.2 GW and following China (305.9 GW), US (121.4 GW) and Japan (78 GW).
Whereas this development has put India in an essential place by way of technology of renewable vitality, the report stated that the final 12 months, aftershocks of the Covid-19 pandemic, and an increase in commodity costs led to a disruption in renewable vitality provide chains and delayed renewable vitality initiatives.
Although there was a rebound in financial exercise, the following 4 percent enhancement in international vitality demand was principally met by fossil fuels, the report famous, leading to document carbon dioxide (CO2) emissions.
A spike in vitality costs within the second half of 2021, adopted by the Ukraine disaster early this 12 months, contributed to an unprecedented international vitality disaster and commodity shock, the report stated, which led the governments to implement short-term measures to diversify fossil gasoline import sources, ramp up home manufacturing and subsidise vitality use.
"This example has uncovered the world to ever extra urgent local weather disasters in addition to geopolitical and financial threats," the report stated.
Over the previous 12 months, China has introduced plans to extend coal manufacturing by 300 million tonnes (equal to 7 percent of present ranges), the US has seen an increase in new fracking and drilling initiatives, and the European Union has initiated a sequence of short-term measures to diversify gasoline imports, most of which have benefited the fossil gasoline trade.
This counters the dire calls by local weather scientists at Intergovernmental Panel on Local weather Change to not solely shelve new fossil gasoline initiatives but in addition, shut current extraction websites as a part of the push to maintain international temperature rise under 1.5 levels Celsius, the report emphasized.
"Though many extra governments dedicated to web zero greenhouse gasoline emissions in 2021, the truth is that, in response to the vitality disaster, most nations have gone again to in search of out new sources of fossil fuels and to burning much more coal, oil, and pure gasoline," stated Rana Adib, REN21 govt director.
Atmospheric carbon dioxide peaked at 421 components per million in Could, in line with measurements carried out on the Mauna Loa observatory of the Nationwide Oceanic and Atmospheric Administration. Carbon dioxide ranges at the moment are greater than 50 percent increased than pre-industrial occasions, the World Meteorological Organisation stated final week, concentrations that haven't been seen for thousands and thousands of years.
The report is additionally famous that the general share of renewable vitality throughout the globe has begun to stagnate, rising solely marginally from 2009, when it was at 10.6 percent, to 2019, when it was at 11.7 percent. In truth, as of 2019, solely three nations out of 80 – Iceland, Norway, and Sweden — had a share of renewables of their whole remaining vitality consumption of above 50 percent.
The report stated that regardless of local weather commitments, governments proceed to closely subsidise the manufacturing and consumption of fossil fuels, spending $5.9 trillion in 2020 – 7 percent of world gross home product (GDP) that 12 months — on direct and oblique fossil gasoline subsidies.
"Renewables are probably the most reasonably priced and greatest answer to sort out vitality worth fluctuations. We should increase the share of renewables and make them precedence in financial and industrial coverage. We will struggle a hearth with extra hearth," Adib stated within the assertion.
India has allotted $24.3 billion (₹18,100 crore) for its photo voltaic vitality schemes which offer incentives to home and worldwide corporations to arrange battery manufacturing vegetation. India invested $11.3 billion in renewables in 2021, equal to the GDP of Brunei Darussalam in 2020, the report famous.
"The newest international standing report on renewable vitality reveals that the Authorities of India's efforts of aggressively pushing renewable vitality into the grid are repeatedly bearing fruit. An addition of 15 GW throughout a pandemic of 12 months is a crucial milestone. Having stated that, development in renewable vitality needs to be even quicker, nearly 40 GW per 12 months for the following 9 years, to realize the 2030 goal as put ahead by the Prime Minister at Glasgow. Larger financial development is essential to realize the formidable 2030 renewable vitality targets," stated Vaibhav Chaturvedi, a fellow on the Council on Vitality, Setting and Water (CEEW).
Talking at the Glasgow local weather summit on November 1 final 12 months, Prime Minister Narendra Modi had introduced that India's non-fossil vitality capability will attain 500GW by 2030, assembly 50 percent of the nation's vitality necessities at the moment. He stated that India will scale back its whole projected carbon emissions by 1 billion tonnes by 2030, scale back the carbon depth of its economic system by 45 percent by 2030 over the 2005 ranges, and can obtain net-zero emissions by 2070.