India's Energy Transition Driven By Firm Targets & Policy Action: Minister Naik

(MENAFN- KNN India) New Delhi, Feb 28 (KNN) Minister of State for Power and New and Renewable Energy Shripad Yesso Naik said India's energy transition is an ongoing transformation driven by firm targets and decisive policy action.

Addressing the two-day 'India Energy Transition Summit' organised by Federation of Indian Chambers of Commerce and Industry (FICCI), he reiterated the goal of 500 GW of non-fossil fuel capacity by 2030 and net zero by 2070 under Prime Minister Narendra Modi's vision.

A FICCI-CRISIL report on energy storage and a FICCI souvenir on India's energy transition were released during the inaugural session.

India's total installed power capacity has crossed 520 GW, with over half from non-fossil sources. Solar capacity has more than tripled in recent years.

Naik noted,“This progress reflects the policy clarity, transparent competitive bidding, expansion of green energy corridors, promotion of ultra mega renewable energy parks, roof top solar through PM Surya Ghar Yojna, agricultural solarisation through PM KUSUM Yojna along with strong push for domestic manufacturing."

He said the National Green Hydrogen Mission is opening a new growth frontier by enabling industrial decarbonisation, reducing import dependence and integrating India into global value chains.

The next phase, he stressed, must focus on system integration - strengthening transmission, scaling storage, improving grid flexibility and ensuring financial sustainability of discoms - while keeping energy security, affordability and inclusion central.

Industrial decarbonisation in hard-to-abate sectors such as steel, cement, chemicals and refining will be critical, requiring clean technologies, green hydrogen, electrification and innovative financing, he added.

Structured Planning and System Resilience

Ghanshyam Prasad, Chairperson, Central Electricity Authority, said India now has a long-term roadmap up to 2070 prepared in coordination with NITI Aayog, focusing on resource adequacy, electrification, storage and transmission.

The next phase will emphasise grid stability, pumped hydro, battery storage, nuclear expansion, carbon markets and financial sustainability.

(KNN Bureau)

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