India to Fetch 18% Power from Renewable Energy by 2022: Moody’s

Moody’s report also suggested that India as an aggressive seeker of reliance on the renewable energy segment is taking positive steps to align its power generation mix with its Nationally Determined Contribution (NDC) commitments under the Paris Climate Agreement.

India’s installed renewable energy capacity might contribute 18 percent of the total electricity generation mix by the year 2022, said a report by global ratings agency, Moody’s.

Moreover, the report also suggested that India as an aggressive seeker of reliance on the renewable energy segment is taking positive steps to align its power generation mix with its Nationally Determined Contribution (NDC) commitments under the Paris Climate Agreement.

Vice-President and Senior Analyst, Moody’s Investors Service, Abhishek Tyagi said, “Renewable energy’s share of new capacity additions for power generation has been the largest at around 60 per cent over the last two years, while additions to coal-fired generation capacity have slowed sharply.”

He further said, “Large companies have also announced plans to make their operations more energy-efficient and source more renewable energy.”

As per the report, the share of renewable energy in India’s electricity energy mix is likely to increase from the present 7.8 percent to 18 percent by 2022.

Whereas, the share of fossil fuel energy is expected to fall from present 67 percent to 50-55 percent in the year 2022.

“This trend in part reflects the fact that wind and solar tariffs are now in most cases either comparable with or lower than domestic coal-based projects,” said Tyagi.

Source: PTI