Despite initial concerns about the sheer scale of the hurdles in sustainable energy, India’s 2070 net zero goal is gaining traction with stakeholders encouraged by recent policy actions.
In a bid to boost the adoption of renewable energy and also enable scalability of projects, the Central government upped its ante for the sector.
Here are the four key announcements for sustainable energy:
- MNRE guidelines for green hydrogen in the transport sector: The Ministry of New and Renewable Energy (MNRE) has issued guidelines for pilot projects involving the use of green hydrogen in the transport sector. A budget of Rs 496 crore has been allocated for the scheme until the financial year 2025-26. The pilot projects will be implemented through the Ministry of Road Transport and Highways and the Scheme Implementing Agencies nominated under the scheme. The scheme also aims to support other innovative uses of hydrogen for reducing carbon emissions in the transport sector, such as blending methanol/ethanol based on green hydrogen and other synthetic fuels derived from green hydrogen in automobile fuels.
- Joint Center for Renewable Energy Innovation and Sustainable Energy Transition: Union Minister R.K. Singh announced the Center for Energy Transition, a joint venture between the Indian government and The Energy and Resources Institute, focusing on developing renewable energy ideas and sustainable energy transition routes.
Nitin Desai, the chairperson of the TERI Governing Council, announced that the Center will be established in Hyderabad to create all-encompassing energy transition pathways. - Five SPVs awarded: REC Power Development and Consultancy Limited handed over five project-specific special purpose vehicles for inter-state transmission projects construction, under Ministry of Power supervision.
The Indian Ministry of Power has chosen Power Grid Corporation of India Limited, Indigrid 2 Limited & Indigrid 1 Limited (Consortium), and Apraava Energy Private Limited as successful bidders for the ISTS Transformation Projects. RECPDCL awarded Letters of Award to Avaada Energy Private Limited and Juniper Green Energy Private Limited for establishing 100 MW wind power projects under India’s flexible generation and scheduling scheme. - PFC and CEEW Form Strategic Partnership for Net-Zero Energy transition: Power Finance Corporation Ltd. and the Council on Energy, Environment, and Water have partnered to achieve India’s 2070 Net Zero target, making PFC the largest renewable energy financier in India. The two entities are collaborating for research, policy, and innovation to strengthen their role in India’s net-zero target and clean energy technologies, laying the groundwork for future initiatives.
PFC is partnering with the Revamped Distribution Sector Scheme (RDSS) to expand its green portfolio and strengthen its position in India’s clean energy transition. The partnership aims to analyze net-zero finance requirements, new lending trends, and financing for clean energy technologies, identify emerging global capital pools, and understand climate finance products.
