India ranks third, added 15.4 GW renewable capacity in 2021

According to a report, India added around 15.4 GW of renewable power capacity in 2021, the third-highest after China with 136 GW and the US with 43 GW. As per the REN21 renewables 2022 global status report, India is now the third-largest market for new solar photovoltaic (PV) capacity and fourth in the world for total solar energy installations with 60.4 GW overtaking Germany at 59.2 GW, China with 305.9 GW, US with 121.4 GW and Japan with 78 GW. The Covid-19 pandemic and a rise in commodity prices resulted in the disruption of renewable energy supply chains and delayed renewable energy projects. The 4% increase in global energy demand was met by fossil fuels, resulting in record carbon dioxide emissions. The energy prices hike in the second half (H2) of 2021 and the Russia-Ukraine war contributed to an unprecedented global energy crisis and commodity shock. The governments had to implement short-term measures to diversify fossil fuel import sources, increase domestic production and subsidise energy use. Earlier, China unveiled its plans to increase coal production by 300 million tonnes. The US market has seen a boom in new fracking and drilling projects. The European Union (EU) initiated a series of short-term measures to diversify gas imports, benefitting the fossil fuel industry. Executive Director of REN21, Rana Adib, said that despite more governments being committed to net-zero greenhouse gas (GHS) emissions in 2021, many countries are seeking new sources of fossil fuels and burning even more coal, oil and natural gas. According to the Mauna Loa observatory of the National Oceanic and Atmospheric Administration, atmospheric carbon dioxide reached a peak at 421 parts per million in May. Carbon dioxide levels are now over 50% higher than in pre-industrial times. The renewable energy share worldwide began to stagnate, rising only marginally from 2009, when it was at 10.6%, to 11.7% in 2019. Only three countries, out of 80, including Iceland, Norway and Sweden, had a share of renewables in their total final energy consumption of above 50%. Despite climate commitments, governments still subsidise the production and consumption of fossil fuels, spending $5.9 trillion in 2020 or 7% of global Gross Domestic Product (GDP) on direct and indirect fossil fuel subsidies. India has allotted Rs 18,100 crore for solar energy schemes for incentives to domestic and international companies to set up battery manufacturing plants. India had invested $11.3 billion in renewables in 2021. India had added 15 GW of renewable energy capacity during the Covid-19 pandemic year, which is an important milestone. During the Glasgow climate summit in 2021, PM Narendra Modi announced that India’s non-fossil energy capacity will reach 500 GW by 2030, meeting 50% of the country’s energy requirements. He added that India will reduce its projected carbon emissions by 1 billion tonnes by 2030, reduce the carbon intensity by 45% by 2030, and achieve a net-zero emissions target by 2070. Image Source Also read: India to meet 50% of energy demand from renewable sources