In line with India’s commitment at the COP26 summit in Glasgow last year, the country aims to reach net-zero by 2070.
Furthermore, India seeks to meet 50% of its energy needs by 2030 through renewable sources and expand non-fossil fuel power generation capacity to 500 GW in this decade.
In light of these targets, the Government of India (GoI) has approved a multibillion dollar plan of setting up transmission projects for power supply from these renewable energy projects.
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Setting up ‘green energy corridors’
India is setting up “green energy corridors” in two phases.
“The Green Energy Corridor Project aims at synchronizing electricity produced from renewable sources, such as solar and wind, with conventional power stations in the grid,” India’s Ministry of New and Renewable Energy says on its website.
One phase will supply 20 gigawatt (GW) of renewable energy to the national grid, the Hindustan Times reported.
Furthermore, the country is in the process of building 63 GW of renewable energy capacity, according to the report. Installed non-fossil fuel power capacity is expected to increase by 66% by 2030.
According to ratings agency ICRA, India’s renewable energy generation capacity will increase by 16 GW in fiscal year 2023.
India aims to cut projected emissions of carbon will by 1 billion tons by 2030.