Non-renewable sources like fossil fuels meet most of the world’s energy requirements. For the financial year 2022, fossil fuel subsidies accounted for $7 trillion, consuming approximately 7.1% of the global GDP. Attributing 17.76% of the world population, India, ranking first on the list of countries with the most people, significantly contributes to the worldwide energy demand. In order to meet the needs of the growing population, large amounts of energy rations must be allocated. In the words of Union minister for power, R.K. Singh, India consumption rose around 10% in the current financial year. According to the 12 June 2023 update by the Government of India, Ministry of Power, the country has a total generation capacity of 4,17,668 MW; 56.8 % of this, amounting to 2,37,269 MW, is to be generated by fossil fuels.
Though an established and effective method, non-renewables face the threat of exhaustion and contribute to the increase in our carbon footprint altogether. The dedication of leaders worldwide has provided a ray of hope for our grim future. The Global Investors Summit organized in Lucknow showed the efforts of influential personalities worldwide towards sustainable development. One such effort was Rs 7.50 lakh crore investment proposal for the renewable energy sector development.
The Uttar Pradesh Summit held in Lucknow for 2023 witnessed some innovative ideas. Aligned with Prime Minister Modi’s vision of a 5 trillion USD economy in India, the 2-day summit provides a platform for business collaboration on a global scale. Investors, policymakers, business representatives, and other influential personalities attended the meeting. To explore new ventures and form long-term partnerships. Among the various corporations discussed, an affinity towards renewables was observed.
The Chief Secretary for Renewable Energy, Mahesh Gupta, spoke about the Rs 7.50 lakh crore proposal received at the summit for renewable energy projects. “Very soon, we are going to have groundbreaking renewable energy projects worth around Rs 1 lakh crore. We are working towards it and are handholding the projects” Gupta shared his expectations at the Renewable Energy India Expo (16th edition). The bureaucrat recalled Prime Minister Narendra Modi’s net zero carbon emissions target for 2070 at the event held along the Battery Show India (1st edition) in Noida. Making renewable energy an important sector, the policies discuss the shift towards greener sources of power and the expected energy output every year.
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The state’s benchmarks set by the policy include an expected 22,000 MW generation by Solar Power Projects by the year 2027. 14,000 MW of this requirement would be met through utility-scale solar parks, and of the 8000 MW remaining, solar rooftops would contribute as follows: Residential solar rooftops would produce 4500 MW. In contrast, non-residential ones would give 1500 MW and 2000 MW would be distributed to PM-KUSUM components C1 and C2. The Uttar Pradesh New and Renewable Energy Development Agency, abbreviated as UPNEDA, is critical for the statewide implementation of these policies. Despite their best efforts, the policy was unable to provide adequate outcomes in the past few years.
Unable to meet its 10,697 MW annual solar target 2022, the UPNEDA raised its concerns. While discussing the causes of the lag and potential solutions, officials mentioned the need for more desired target land availability. Under the amendments to the policy, UPNEDA is expected to create a land bank and submit it to the state and central government undertakings and the private sector. This land will be leased for Rs 1 per acre per year and Rs 15,000 per acre per year for 30 years from the government and the private sectors, respectively.
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