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India needs to significantly step up clean energy subsidies to meet 2030 targets
Updated On: 01 June, 2022 04:47 PM IST | New Delhi | IANS
To achieve the targets, the report said, India needs to shift support away from fossil fuels and towards clean energy technologies to reach 500 GW of non-fossil power capacity by 2030 and Net Zero emissions by 2070
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Image for representational purpose only. Photo: istock
After peaking in FY-2017, the renewable energy subsidies have fallen in India by 59 per cent as deployment slowed for various reasons and more support -- including subsidies -- will be needed to scale up renewable to achieve the 2030 targets of clean energy, a new study released on Tuesday said.
"Renewable energy subsidies in India have fallen by 59 per cent to Rs 6,767 crore after peaking at Rs 16,312 crore in FY-2017 as deployment slowed during Covid-19 pandemic-induced lockdowns and grid-scale solar PV and wind achieved cost parity. To achieve the 2030 clean energy targets, more support -- which may include subsidies -- will be needed to scale up solar manufacturing, green hydrogen, and promising de-centralised renewable energy technologies," the study said.
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