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India as a civilisation has revered nature for its life-giving properties and has been powered by renewable sources since ancient times. Modern India generates almost a third of its power using renewables sources – water, wind and a small part from the sun (&lt;1%) while the rest comes largely from fossil fuels (coal, oil, gas). These fuels have been the mainstays of power generation for the past few decades and would have continued to do so but for their escalating prices. Also, an ongoing lack of consistent fuel supply to meet even the current demand, along with the clamour against global warming, has put the energy industry under increased pressure and the focus is now on renewable sources of power like the sun, water, geothermal, biomass and wind. 
 
Large hydro projects, comprising almost a third of the current power generation sources, have hit numerous roadblocks due to people displacement, global warming, habitat destruction and land submergence. Biomass initially started off well but due to unplanned supply chain issues, has resulted in almost 75% of the 2 GW installed capacity coming to a standstill. Tidal and geothermal are almost non-existent in India while wind has played a significant role in increasing the acceptability of renewables, but hasn’t really contributed to a scalable solution. Biomass has been an abject failure due to fuel price rise, with 75% of the installed 2 GW capacity currently without adequate biomass supply. Wind turbines generate unscheduled power for just a few months, making them unsuitable for mainstream power generation, especially in the Indian context, and were only successful due to huge corporate tax benefits. 
 That just leaves us with the sun which delivers more than enough <keyword id="6357019" type="UNKNOWN" weightage="40" keywordseo="solar-energy">solar energy</keyword> every hour to our planet to power the entire world’s energy needs for a year. However, the major drawback is its periodic nature and capturing this energy for round-the-clock delivery at cost-effective pricing is the next paradigm of energy that is now receiving attention and interest. 
 Clean and <keyword id="60895" type="UNKNOWN" weightage="40" keywordseo="Green-energy">green energy</keyword> is a basic theory of modern life although the governmental focus is more on grid power, which is a polluting, inefficient and unreliable source of power. AT&amp;C losses account for close to 40% of the total power generation, amounting to a total of Rs 75 thousand crore and more every year that could wipe out energy poverty across the country. Smart grids and infrastructure updates are the need of the hour. But the government is still focused on spending Rs 2 lakh crore to bail out bankrupt Discoms whereas that amount could have been used to deliver distributed energy and reduce dependence on Discoms for a large part of the country. 
 The <keyword id="44734" type="ORGANIZATION" weightage="40" keywordseo="Indian-Government">Indian government</keyword> recognised this potential and the MNRE (Ministry of New and <keyword id="34553" type="ORGANIZATION" weightage="60" keywordseo="renewable-energy">Renewable Energy</keyword>) launched an ambitious programme in 2010 called JNNSM (Jawaharlal Nehru National Solar Mission) to deploy 22,000 MW of grid-connected <keyword id="70990" type="UNKNOWN" weightage="40" keywordseo="Solar-power">solar power</keyword> by 2020. The programme has seen limited success with phase I meeting its PV targets and phase 2 on the way in the form of 750 MW via the Viability Gap <keyword id="6357455" type="EVENT" weightage="40" keywordseo="Funding">Funding</keyword> (VGF) programme. 
 
In the initial programme, CSP (Concentrated Solar Power), aka GemaSolar, but without storage, was touted as a replacement to thermal plants and received majority of the allocation but failed to take off significantly, with deadline extensions and penalty waivers being the norm. There are talks to revive this programme and its success will decide whether solar power can be considered as a base load alternative. 
 
Thermal-concentrated sources of energy are optimal for urban and semi-urban areas. However, towns need to reduce dependence on the grid and adopt the German model, which enables local, as well as distributed power, using net-metering. 
 
The MNRE programmes have barely managed to dent the potential of distributed RE, requiring focused attention and financial muscle to enable the nation on its path towards renewable energy. But MNRE has not paid out a large part of the residential subsidies of 30% of capital costs over the past year due to lack of funds, a serious damper, especially for solar on rooftops. The current VGF programme is scheduled to cost the MNRE Rs 2,500 crore and push solar procurement costs down to below Rs 5.5 per KWh, enabling it to compete with conventional energy. 
 
The essence of solar success lies in empowering the distributed 400 million poor who are currently consuming fossil fuel not touched by the power grid and thus reduce India’s CAD (current account deficit), environmental pollution and health concerns. But there lies the irony. The rural/tribal populace pays nearly twice or thrice the rate of power than those living in cities, but has received minimal attention although the impact is the highest to those using fossil fuel and government subsidies in daily life. 
 
Every unit of power generated has the ability to multiply economic growth, especially in rural areas that suffer from energy paucity due to unreliable connections or load shedding. State governments of Tamil Nadu, Kerala and a few other states have already initiated proactive steps by increasing the state subsidies, in addition to subsidies from the central government, and are also looking at replacing grid-connected agricultural equipment with solar-enabled ones. 
 
Solar has the potential to reduce the current energy peak deficit significantly and improve delivery due to its distributed nature, provided it can get the appropriate financial support from the Centre, as well as all the states. The central government continues to think that grid power, with its huge losses, is the solution. But in reality, distributed energy, delivered to every home and the excess pumped into the grid, would result into least amount of losses while reducing energy generation needs. 
 
Over the next few years, solar power will come into its own, both from financial viability and availability perspectives, with exponential growth in distributed solar, coupled with storage, transforming the entire energy spectrum in India. The future of Indian energy segment is here and it is the Sun that will continue to power our economic and energy growth into the next millennium. 
 
About the author: Ritesh Pothan manages two India-focused renewable energy groups on LinkedIn. He is also a founding member of <keyword id="2036013" type="UNKNOWN" weightage="40" keywordseo="Natural-Group">Natural Group</keyword>, a solar and renewable energy-focused advisory/consulting organisation, and helps drive significant value into renewable energy projects.

Solar Is The Future Of Renewable Energy In India

5 multibagger stocks that are into clean and renewable energy supporting the climate change wave

<ul><li><keyword id="4343578" type="General" weightage="20" keywordseo="adani-green" source="Orion">Adani Green</keyword> Energy is very well positioned to leverage the currency wave of renewable energy buzz in the country.</li><li>The company’s shares have jumped 18% in the last five days and 45% in the last one month.</li><li>Expectations of higher fund allocation to this sector in the budget is another reason for the rally in the stock.</li></ul>The renewable energy space has been one solid bet for investment in the last one year as the Indian government is working aggressively towards adding renewable energy capacity and becoming a net zero country by 2070. Indian Prime Minister Narendra Modi’s <a href="https://economictimes.indiatimes.com/industry/renewables/modis-cop26-goals-could-mean-a-massive-energy-overhaul-in-india/articleshow/87494861.cms">speech </a>in Glasgow, at the COP26 Summit in October 2021, had mentioned a target of achieving 500 gigawatts of installed power capacity from non-fossil sources by 2030 and becoming net zero by 2070. As a result, shares of the Adani Group company, Adani Green Energy, and several other <keyword id="10100824" type="General" weightage="20" keywordseo="renewable-energy-stocks" source="Orion">renewable energy stocks</keyword> have been on an upward trend. Adani Green has a mix of solar, wind and hybrid power projects across the country. Moreover, there is a big <a href="https://www.businessinsider.in/budget/news/india-is-expected-to-make-big-budget-allocation-for-renewable-energy/articleshow/89000378.cms">expectation</a> that there may be big bucks allocated in the budget to promote the construction of new capacity in solar, wind and hydropower projects. <div type="image" title="2 (2)" height="900" width="1200" msid="89013275" hostid="261"></div>“The whole green energy space is in an uptrend since India signed the Paris Agreement and Narendra Modi said India declared India is going to be carbon neutral by 2050. Moreover, the upcoming union budget is expected to provide some tax relief to the whole renewable energy sector,” Kranthi Bathini, director of equity strategy at WealthMills Securities told Business Insider. Adani Green Energy made a profit of ₹183 crore in FY21 after making a loss in the preceding two years. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,124 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹183 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2549 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹67.96 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,058 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹475.05 crore </td></tr></tbody><tbody></tbody><tbody></tbody></table><div type="image" title="adani green 3" height="900" width="1200" msid="89014497" hostid="261"></div>Most of the companies into renewable energy have doubled their stock price in the last one year. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Companies into renewable energy </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% change in last one year </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gita Renewable Energy </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1660% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">JSW Energy </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">302% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Websol Energy Systems </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">261% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tata Power </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">192% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Borosil Renewables </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">141% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Adani Power </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">105% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Adani Green Energy </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">91% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sterling and Wilson Renewable Energy </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">56% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Governments across the world are committed to building a sustainable environment and thus the <keyword id="2237592" type="General" weightage="20" keywordseo="renewable-energy-industry" source="Orion">renewable energy industry</keyword> is a key beneficiary of such policies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/india-is-expected-to-make-big-budget-allocation-for-renewable-energy/articleshow/89000378.cms">India is expected to make big budget allocation for renewable energy but Modi needs states on board to fight climate change</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/justdial-cant-beat-google-and-it-should-stop-trying-to-say-analysts/articleshow/89010438.cms">JustDial can’t beat Google and it should stop trying to, say analysts</a>

Adani Green Energy stock has jumped 45% this year to become more valuable than L&T, Maruti Suzuki, and Axis Bank

<ul><li><keyword id="752699" type="PERSON" weightage="60" keywordseo="energy-demand">Energy demand</keyword> could plunge 6% this year, the largest in 70 years in percentage terms and the largest ever in absolute terms, according to a <a href="https://www.iea.org/news/global-energy-demand-to-plunge-this-year-as-a-result-of-the-biggest-shock-since-the-second-world-war">Thursday report from the International Energy Agency.</a></li><li>The IEA's forecast would be more than seven times larger than the impact of the 2008 financial crisis on global <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> demand.</li><li>"Amid today's unparalleled health and economic crises, the plunge in demand for nearly all major fuels is staggering, especially for <keyword id="6356966" type="UNKNOWN" weightage="60" keywordseo="coal">coal</keyword>, <a href="https://markets.businessinsider.com/commodities/news/oil-price-rises-signs-falling-storage-demand-offset-iea-forecast-2020-4-1029149505">oil and gas,"</a> said Fatih Birol, the IEA executive director. </li><li>"Only <keyword id="430844" type="PERSON" weightage="60" keywordseo="renewables">renewables</keyword> are holding up during the previously unheard-of slump in electricity use," he said. </li><li><a href="https://www.businessinsider.com/">Read more on Business Insider</a>.</li></ul>The coronavirus pandemic is the biggest shock the energy sector has seen since the second world war, and it could have a devastating impact on demand, according to the International Energy Agency. Energy demand could plunge 6% this year, the largest in 70 years in percentage terms and the largest ever in absolute terms, <a href="https://www.iea.org/news/global-energy-demand-to-plunge-this-year-as-a-result-of-the-biggest-shock-since-the-second-world-war">according to a Thursday report from the agency.</a> The IEA's forecast would be more than seven times larger than the impact of the 2008 financial crisis on global energy demand.In absolute terms, the decline is equivalent to losing the entire energy demand of India, the world's third-largest energy consumer."This is a historic shock to the entire energy world. Amid today's unparalleled health and economic crises, the plunge in demand for nearly all major fuels is staggering, especially for coal, <a href="https://markets.businessinsider.com/commodities/news/oil-price-rises-signs-falling-storage-demand-offset-iea-forecast-2020-4-1029149505">oil and gas</a>. Only renewables are holding up during the previously unheard-of slump in electricity use," said Fatih Birol, the IEA executive director."It is still too early to determine the longer-term impacts, but the energy industry that emerges from this crisis will be significantly different from the one that came before," he said. <h3>A historic hit to demand</h3>The IEA's forecast is based on the assumption that the economic recovery from lockdowns to curb the spread of the disease will be slow, even as some states and countries begin to reopen parts of the economy. A swifter recovery could limit the decline in energy demand to 3.8%, while a possible second wave of COVID-19 or a slower rebound could mean a fall of more than 6%. It's expected that almost <a href="https://markets.businessinsider.com/commodities/news/oil-price-falls-iea-projects-record-slump-global-demand-coronavirus-2020-4-1029094158">every part of the energy sector will be hit by the pandemic</a>, according to the report. In the first quarter of 2020, energy demand fell 3.8% on the year, erasing all growth from 2019. Electricity demand is set to fall 5% in 2020, the largest slump since the Great Depression in the 1930s. Coal is expected to decline 8% this year, the most since World War ll. Even natural gas demand is slated to fall 5% in 2020 after a decade of uninterrupted growth. Read more: <a href="https://www.businessinsider.com/tech-stocks-to-buy-semiconductor-picks-alger-ceo-dan-chung-2020-4">An investment chief who oversees $29 billion explains why he's bullish on a niche industry that's 'like the red blood cell of tech' — and shares 2 stocks he's buying</a><h3>Renewables will still see growth</h3>The only energy source that is expected to grow in 2020 is renewables, according to the report. "Demand reductions have lifted the share of renewables in the electricity supply, as their output is largely unaffected by demand," the report said. It's the part of the energy sector that is most resilient to the COVID-19 crisis, according to the report. At the same time, carbon emissions are set to have a record annual decline of almost 8%, according to the IEA. "Resulting from premature deaths and economic trauma around the world, the historic decline in global emissions is absolutely nothing to cheer," Birol said. "And if the aftermath of the 2008 financial crisis is anything to go by, we are likely to soon see a sharp rebound in emissions as economic conditions improve."He continued: "But governments can learn from that experience by putting clean energy technologies – renewables, efficiency, batteries, hydrogen and carbon capture – at the heart of their plans for economic recovery. Investing in those areas can create jobs, make economies more competitive and steer the world towards a more resilient and cleaner energy future."Read the original article on <a href="https://www.businessinsider.com/energy-demand-set-fall-year-worst-post-war-iea-2020-4">Business Insider</a>

Energy demand is set to plummet this year as coronavirus presents the biggest shock since World War ll, IEA says

Indian Prime Minister <a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi">Narendra Modi</a> has vouched for 175 Gigawatts of <a href="http://www.businessinsider.in/searchresult.cms?query=renewable+energy">renewable energy</a> by 2022. He has also promised 12 GW of Power by the end of 2016 - three times the current capacity! In case you forgot, this was at the India Pavilion at the <keyword id="2389731" type="UNKNOWN" weightage="60" keywordseo="Paris-Climate-Change-Conference">Paris Climate Change Conference</keyword>. 
 
Awesome as it might sound, that’s a tall claim. Even by <a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi">Narendra Modi</a>’s standards. India’s <a href="http://www.businessinsider.in/searchresult.cms?query=renewable+energy">renewable energy</a> capacity addition between 2002 and 2014 has been around 20% YoY. However, the total capacity remains only a fraction of the target. 
 
The big question now is, can India reach the ambitious target it has fixed for itself ahead of <a href="http://www.businessinsider.in/searchresult.cms?query=Budget+2016">Budget 2016</a>? 
 
Let’s have a look at what the government has done in the sector so far! 
 
· The US has allowed a grant of $4 billion to push India’s <a href="http://www.businessinsider.in/searchresult.cms?query=renewable+energy">Renewable energy</a> goals. 
· 266 GW worth commitments were received at the RE-Invest Conference held in February 2015. As many as 27 Banks are ready to finance 72 GW <a href="http://www.businessinsider.in/searchresult.cms?query=renewable+energy">renewable energy</a> projects. · India has signed a MoU with Germany to promote <keyword id="6357019" type="UNKNOWN" weightage="80" keywordseo="solar-energy">solar energy</keyword>. As a part of this, Germany will allow low-interest loans in the range of 1 Billion Euro over the next 5 years. 
 
Most analysts don’t see a huge leap in terms of budget allocation for the <a href="http://www.businessinsider.in/searchresult.cms?query=renewable+energy">renewable energy</a> sector. The government’s investments, however, could be in the form of subsidies and tax-free bonds. It’s been doing that with rooftop solar panels for a while.

Budget 2016 – India’s Report Card
for Renewable Energy

New Delhi, Jan 31 () India has embarked on an ambitious target of having 450 GW of renewable energy by 2030 and also provide 17 lakh solar pumps to farmers under Pradhan Mantri-Kusum Yojana in coming days to capitalise on this clean resource, President Ram Nath Kovind said on Friday. 
 The country is already working on the target of having 175 GW of renewable energy by 2022 which includes 100 GW of solar and 60 GW of wind energy.
 As of December 2019, 86 GW of renewable energy capacity has already been achieved. This includes 34 GW of solar and 38 GW of wind energy. Besides, around 36 GW of clean energy is under installation and about 35 GW is under bidding stage.
 Addressing a joint sitting of both Houses of Parliament, Kovind said: "Keeping environment conservation in mind, my Government has enhanced the target for producing renewable energy to 450 gigawatts (GW). Under the Pradhan Mantri-Kusum Yojana, it has been targeted to provide more than 17 lakh solar pumps to farmers across the country." 
 He noted that under the second phase of the solar roof top programme, the target is to generate 38 GW of electricity.
In September last year, Prime Minister Narendra Modi had announced doubling India's non-fossil fuel target to 450 GW at Climate Action Summit at UN headquarters. 
 Kovind also told the members that after International Solar Alliance (ISA), India has been at the forefront of a global partnership.
The ISA was set up under the aegis of India. It was created to provide a dedicated platform for cooperation among solar resource rich countries.
 As many as 85 countries have signed the ISA framework agreement. A total 64 nations have ratified it. KKS KKS ANU
ANU

India to have 450 GW renewable energy by 2030: President

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s <keyword id="414814" type="General" weightage="20" keywordseo="renewable-energy-sector" source="Orion">renewable energy sector</keyword> has the potential to employ around one million people by 2030, and most of the new jobs would be generated by small-scale renewable energy projects, according to a study. India's renewable energy sector could potentially employ around one million people by 2030, which would be ten times more than the existing workforce of an estimated 1.1 lakh employed by the sector, according to an independent study released on Thursday by the <keyword id="3502332" type="General" weightage="20" keywordseo="council-on-energy" source="Orion">Council on Energy</keyword>, <keyword id="3502333" type="General" weightage="20" keywordseo="environment-and-water" source="Orion">Environment and Water</keyword> (CEEW), <keyword id="172147" type="General" weightage="20" keywordseo="Natural-Resources-Defense-Council" source="Orion">Natural Resources Defense Council</keyword> (NRDC) and Skill Council for Green Jobs (SCGJ). The study "India's Expanding Clean Energy Workforce" highlighted that most of the new jobs would be generated by small-scale renewable energy projects such as rooftop solar and mini and micro-grid systems compared to utility or large-scale projects like solar parks. The CEEW-NRDC-SCGJ analysis also highlighted the adverse impact of the pandemic on employment in the renewable energy sector. In comparison to 12,400 new workers employed in the sector in FY19, only 5,200 new workers were employed in FY20 and 6400 were employed in FY21, it said. In FY21, a majority of the new workers were employed in the rooftop solar segment where annual capacity additions grew by nine per cent over FY20 and accounted for 1.4 GW capacity, it added. The study further noted that India has successfully trained 78,000 people under the Suryamitra training program, between 2015 and 2017, to improve the availability of skilled workers for clean energy projects. "The upcoming Union Budget must especially focus on scaling up rooftop solar, mini and micro grid systems, and domestic solar manufacturing to maximise the employment opportunities in the sector," Dr Arunabha Ghosh, CEO, CEEW said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/railways-stocks-rally-on-expectation-of-strong-budget-allocation-to-the-sector/articleshow/89173796.cms">Railway stocks have been buzzing for the last one month on expectation of significant budget allocation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/toyota-and-japans-space-agency-developing-lunar-cruiser-for-people-to-live-on-the-moon-by-2040/articleshow/89173523.cms">Toyota and Japan’s space agency have an ambitious plan for people to live on the moon by 2040</a>

India's renewable energy sector can employ one million people by 2030, says study

<keyword id="46212" type="General" weightage="20" keywordseo="suzlon-energy" source="Orion">Suzlon Energy</keyword> registered a 96% decline in consolidated net profit at ₹101 crore in the April-June quarter. The company had registered a consolidated net profit of ₹2,433 crore in the year-ago quarter, an investors' presentation showed. The company's net revenue in the first quarter of this fiscal also came down to ₹ 1,348 crore from ₹ 1,378 crore in the year-ago period. <keyword id="307072" type="General" weightage="20" keywordseo="girish-tanti" source="Orion">Girish Tanti</keyword>, vice-chairman, Suzlon Group, said in a statement, "With the country poised to lead decarbonisation of its economy, we are seeing renewed enthusiasm from India Inc. to drive this green energy transition." J P Chalasani, chief executive officer, Suzlon Group, said in the statement, "At Suzlon, we continue to show stable and steady growth in line with our business plan. With the fruition of our initiatives to strengthen the balance sheet and reduce debt, our focus is now on ramping up our operations to service our cumulative orders, which stand at a healthy 1,582 MW as on date." Himanshu Mody, chief financial officer, Suzlon Group, said in the statement, "Q1 of FY24 takes forward our consistent efforts to consolidate and stabilise our performance over the last few quarters. Q1 FY24 shows YoY (year-on-year) growth and an improvement in overall profitability with a steady performance on all our key parameters." After a sustained effort to reduce debt in 2022-23, which has resulted in a healthier and sustainable balance sheet for the company, our focus in FY24 remains on funding our operations and fulfilling our commitments to customers and other stakeholders, he said. "We continue to maintain strict control on costs and are in the process of further optimising our organisational structure to drive excellence and continual improvement on the strong foundation set with over the last three years," he added.

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