India's Renewable Energy Capacity to Double by 2022

by Harriet Bell October 6, 2017, 0:24
India's Renewable Energy Capacity to Double by 2022

Solar power grew faster than any other source of fuel for the first time in 2016, according to a new report from the International Energy Agency, showing how the falling cost of green technology is reshaping the global energy system.

One big question: Whether IEA, while projecting growth, is too timid in its outlook.

Even so, there is concern in the renewable community about the impact the president's proposed tax reform will have on the future of the industry. And Quebec cancelled tenders for several clean energy projects, which also led the agency to trim its forecasts, the report said.

"India gets lowest wind tariff of Rs 2.64 per kWh (unit) in the second wind auction of 1,000 MW", the Ministry of New and Renewable Energy (MNRE) said in a statement on Thursday. If corporate rates fall - the USA has the highest corporate tax rates in the world - investors will have less need for write-offs, and that could undermine a key source of financing for clean energy.

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Fatih Birol, executive director of the IEA, estimates that renewable capacity will grow by about 1,000 GW-or half the current global capacity in coal power-by 2022.

In 2016, net additions to renewable energy capacity - including hydropower, solar, wind, bioenergy, wave and tidal - set another world record, growing by 165 gigawatts (GW), 6 percent more than in 2015, the report said. The IEA report found that China accounted for nearly half of 2016's global solar PV expansion, with data showing a similar story this year.

This year's renewable forecast is 12 percent higher than last year, IEA said.

Despite policy uncertainties at the federal level, the U.S. remains the second-largest growth market for renewable. The government has an ambitious target of raising it to 175 GW by 2022 including 100 GW of solar and 60 GW of wind energy."By 2022, India's renewable capacity will more than double".

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While Ontario's decision to scrap the LRP program is a minor setback in the near-term, analysts say that tightening environmental policy in Canada and elsewhere will regardless continue to drive rapid growth in renewable energy supplies like wind and solar. Solar PV and wind together represent 90% of that nation's capacity growth.

"The IEA renewables report affirms the remarkable success story of renewable energy, which we are proud to be part of".

These firms quoted the price at which they will sell electricity to win contracts under the tender that received demand for three times the grid-linked capacity being sold.

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