Major policy developments in RE sector during the year 2022

Renewable energy has emerged as one of the most critical sectors in India, given the country’s growing energy demand and concerns about climate change. The year 2022 has been a significant one for the renewable energy sector, with several major developments observed in India. In this article, we will discuss some of the most notable developments in the renewable energy sector in India during the year 2022.

One of the most significant developments in the renewable energy sector in India during 2022 was the announcement of the National Hydrogen Energy Mission by the Indian government. The mission aims to develop a hydrogen-based economy in India, with a focus on green hydrogen produced through renewable energy sources. The mission will help India reduce its dependence on fossil fuels and reduce its carbon footprint.

Another significant development in the renewable energy sector during the year 2022 was the launch of the second phase of the Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) scheme. The KUSUM scheme aims to promote the use of solar energy for irrigation purposes by providing financial assistance to farmers for installing solar pumps and solar power plants. The second phase of the scheme is expected to accelerate the adoption of solar energy in the agricultural sector, which accounts for a significant share of India’s energy consumption.

The Indian government also launched the National Programme on High-Efficiency Solar PV Modules under the Production Linked Incentive Scheme (PLI) during the year 2022. The scheme aims to promote the domestic manufacturing of high-efficiency solar PV modules and reduce the country’s dependence on imported solar panels. The PLI scheme is expected to attract significant investments in the renewable energy sector in India and create employment opportunities.

In addition to these initiatives, the Indian government continued to focus on expanding the country’s renewable energy capacity during the year 2022. As per the Year-End Review 2022 by the Ministry of New and Renewable Energy, India had installed 172.72 GW of capacity from non-fossil fuel sources as of 31st October 2022. This includes 119.09 GW of renewable energy, 46.85 GW of large hydro, and 6.78 GW of nuclear power capacity. India stands fourth globally in renewable energy installed capacity, including large hydro, wind power capacity, and solar power capacity.

The Ministry of New and Renewable Energy also reported that a total of 14.21 GW of renewable energy capacity was added during the period from January to October 2022, compared to 11.9 GW added during the same period in the previous year. The ministry also reported that 151.94 BU were generated from renewable energy sources during the period from January to September 2022, compared to 128.95 BU generated during the same period in the previous year.

In conclusion, the renewable energy sector in India witnessed significant developments during the year 2022, including the launch of the National Hydrogen Energy Mission, the second phase of the KUSUM scheme, and the National Programme on High-Efficiency Solar PV Modules. The government’s continued focus on expanding the country’s renewable energy capacity is expected to accelerate the transition towards a sustainable and low-carbon future.