Indian Prime Minister Narendra Modi recently announced a $100 billion renewable energy initiative to help bring electricity to all Indian homes and industrial units around the clock and do away with blackouts and brownouts that disrupt business and life.
The initiative will also promote the growth of Indian-based manufacturers of solar photovoltaic (PV) modules and equipment. As part of the plan, the Indian Army and the Indian public sector will each build 1,000 MW of solar PV projects.
India’s energy mix will begin to change as these projects are brought online. Prime Minister Modi has set a target of 35% renewable energy for India by 2050.
At the same time the Indian private sector is getting involved: Coal India Limited, for example, the world’s largest coal mining company is now working with India’s Ministry of New and Renewable Energy (MNRE) to develop 1,000 MW of solar power plants at a cost of $1.2 billion.
In what might be a model for the rest of the world, the Indian government doubled its tax on every metric ton of coal mined or imported by India and is using revenue generated to fund the National Clean Energy Fund (NCEF). All of the funds raised by NCEF are earmarked for renewable energy projects, environmental projects and research and development (R&D).
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References and related content:
- Obama in India: PM Narendra Modi, Barack Obama strike alliance on climate change; air pollution, renewable energy focus areas – The Economic Times
- India to Invest 1.63 Trillion Rupees in Renewable Energy – WSJ
- Greentechlead.com: News on Green technologies, Wind, Solar, Smart Grid, Sustainability, Biofuel India will have to invest US$ 83.35 bn in renewable energy till 2022