Bharat Petroleum Corporation Limited (BPCL) along with the Government of Uttarakhand have collaborated to take a vital step toward the proliferation of green energy in the state.
On the 19th of May 2022, R. Meenakshi Sundaram, IAS, Secretary, Department of Energy, Government of Uttarakhand, and Amit Garg, Executive Director Renewable Energy, BPCL, signed a Memorandum of Understanding (MOU) for a five-year period to collaborate in the fields of feasibility of setting up renewable energy projects, round the clock (RTC) power for consumers, setting up of requisite infrastructure, training, and knowledge sharing.
The MoU signing ceremony was presided over by Pushkar Singh Dhami, the Chief Minister of Uttarakhand in the presence of Radha Raturi, IAS, Additional Chief Secretary, Government of Uttarakhand and Arun Kumar Singh, Chairman and Managing Director of BPCL.
Meenakshi Sundaram, IAS, Secretary, Department of Energy, Government of Uttarakhand, in his inaugural welcome address, expressed the Government of Uttarakhand’s intention to create a greener economy and the steps undertaken by the Government in that regard.
“BPCL aspires to be the most admired energy firm by leveraging talent and technology. Given our commitment to a greener and cleaner environment, we at BPCL aim to achieve Net-Zero, in Scope I and II emissions, by 2040. For this purpose, BPCL plans to build a renewable energy capacity of 10 gigawatts comprising a mix of solar, wind, small hydro, and biomass by 2040. Uttarakhand is a unique state wherein Round the clock renewable power can be provided through a combination of solar cum mini-hydropower plants,” said Arun Kumar Singh, Chairman and Managing Director, BPCL.
Pushkar Singh Dhami, Chief Minister of Uttarakhand congratulated both the teams and motivated them to further augment this collaboration in the field of Renewable Energy.
He emphasised the need to kickstart with a small/medium scale project and subsequently build up a substantial Renewable Power portfolio in the state of Uttarakhand.
Ranjana Rajguru, IAS, Additional Secretary Energy/Director UREDA thanked all the dignitaries for gracing the occasion and wished the concerned teams.
Another Dignitary who was present during the ceremony from the Government of Uttarakhand was Iqbal Ahmed, IAS, Additional Secretary Energy.
Renewable Energy market in India
The Indian renewable energy sector is the fourth most attractive renewable energy market in the world. India was ranked fourth in wind power, fifth in solar power, and fourth in renewable power installed capacity, as of 2020.
Installed renewable power generation capacity has gained pace over the past few years, posting a CAGR of 17.33 per cent between FY16-20. With the increased support of the Government and improved economics, the sector has become attractive from an investor’s perspective.
As India looks to meet its energy demand on its own, which is expected to reach 15,820 TWh by 2040, renewable energy is set to play an important role. The government plans to establish a renewable energy capacity of 523 GW (including 73 GW from Hydro) by 2030, according to an India Brand Equity Foundation report.
An invest India report further pointed out that India’s installed renewable energy capacity has increased 286 per cent in the last 7.5 years and stands at more than 151.4 Giga Watts (including large Hydro), which is about 39 per cent of the country’s total capacity (as on 31st December 2021).
The installed solar energy capacity has increased by 17 times in the last 7 years, and stands at 49.5 GW. The installed Renewable energy capacity (including large hydro) has increased from 76.37 GW in March 2014 to 151.4 GW in December 2021, i.e. an increase of around 98 per cent.
