(MENAFN- KNN India)
New Delhi, Jan 17 (KNN) As India races to achieve its ambitious target of 500 GW renewable energy capacity by 2030, the renewable energy sector has called for transformative measures to overcome persistent roadblocks.
Among its key pre-budget recommendations, the industry has proposed the creation of a National Renewables Council and the extension of the inter-state transmission system (ISTS) charge waiver beyond its June deadline.
The journey toward a green energy is fraught with challenges, particularly in inter-state cooperation. Renewable energy projects often face hurdles in land acquisition and logistical complexities in transmitting power across state lines. Industry leaders believe a centralised body is essential to bridge these gaps.
“To address the broader needs of the renewable energy sector, I suggest a National Renewables Council to resolve inter-state challenges, fast-track land allocations, and drive large-scale energy storage deployment,” said Vineet Mittal, chairman of Avaada Group, reported ET.
The ISTS charge waiver, a critical enabler for renewable projects, is set to expire in June. Extending this waiver could ensure cost-efficiency and incentivise further investments in green energy projects.
Another pressing concern is energy storage development, which is pivotal to managing the rising share of renewables in India's energy mix. Vikram V, vice-president at ICRA, highlighted the urgency of fast-tracking battery and pumped hydro storage projects.
To make these solutions more viable, the sector has also advocated for a reduction in goods and services tax (GST) on battery energy storage systems, a step seen as crucial for affordability.
Renewable energy is integral to India's net-zero aspirations by 2070 and its commitment to halving carbon emissions.
"With a focus on solar, wind, green hydrogen, and energy storage, the sector aims to ensure energy security and sustainability, while attracting global investments," said Sambitosh Mohapatra, leader in ESG and climate at PwC India.
India's renewable energy installations stand at 28 GW this financial year, with upcoming projects designed for dispatchability.
The industry's calls for structural reforms and policy support underscore the critical need for a cohesive national strategy to propel the green energy transition.
(KNN Bureau)
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