Union Power Minister RK Singh stated on Thursday that both India and the US have similar goals and share the same zeal towards climate change issues. Singh was addressing the US India Strategic Partnership Forum and industry leaders, in a Virtual Energy Industry Roundtable.
"We want to have a partnership which can be an inspiration to the rest of the world on the fight towards mitigating climate change. The industry plays a critical role in this partnership," said Singh, according to an official Ministry of Power statement.
Singh noted that India has set an ambitious target of having 175 GW capacity of renewable energy (RE) by 2022 and 450 GW RE capacity by 2030. The country has reached 100 GW in installed solar and wind capacity and after adding Hydro capacity. The total installed renewable capacity is 146 MW.
Singh added that 63 GW of renewable capacity is under construction which makes India one of the fastest-growing economies in terms of renewable capacity addition.
Talking about India's vision on using Hydrogen as energy use, Singh said the country would be conducting competitive bids for green hydrogen in the next 3-4 months to pave the road for viable usage of hydrogen as a fuel.
Discussing the efforts of the government in encouraging storage capacity, Singh explained that to further support the integration of large renewable capacity, the administration has been working continuously to increase the country's 'Pumped Hydro Storage Capacity'.
He noted that in the near future, India will have bids to invite global and domestic manufacturers for developing battery storage in India, said the Power Minister. He said that India will soon have bids for 4000 MWhr BESS and later will take up 12 GWhr project in Ladakh.
He said the world needs to come up with more number of eletrolysers, battery storage facilities, etc to bring economies of scale in these technologies and make these commercially viable. "Only then, we will be able to truly shift from fossil fuels to renewable energy," he said.
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