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Mr. Bhagwant Khuba represented India at Intersolar Europe 2022

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Minister of State for New and Renewable Energy Shri Bhagwant Khuba attended Intersolar Europe 2022 held in Munich, Germany. He made a keynote speech at the investment promotion program on the topic "India's Solar Energy Market".

Important facts :

• In his keynote statement, Shri Bhagwant Khuba said that 'Hon'ble Prime Minister Modi ji's ambitious target of Panchamrita was set during Cop-26 India, under which India will achieve the target of Net-Zero by 2070 and Non-fossil 500 by 2030. GW will set up the power capacity.

• Renewable energy capacity in India has grown phenomenally over the last seven years and India has achieved the target of 40 per cent of the overall energy capacity of non-fossil fuels in 2021.

• India is nine full years ahead of the stipulated period by 2030. The Government of India is committed to encourage indigenous manufacturing in the solar PV sector to achieve the ambitious targets.

• India is determined to scale up indigenous manufacturing of high-efficiency solar PV modules with a budget outlay of Rs 24,000 crore.

• Apart from this, an estimated outlay of Rs 25,425 crore has been made to encourage India's green hydrogen economy.

• The Green Hydrogen Mission is expected to produce 4.1 million tonnes of green hydrogen every year.

• Along with this, India offers immense investment opportunities. Presently, projects worth USD 196.98 billion are under process in India.

Cop-26 :

• At the CoP26 global climate conference in Glasgow, leaders have pledged to reduce methane emissions by the end of the decade to help stop deforestation and slow climate change.

• Earlier India had announced that it will reach carbon neutrality by 2070 under a five-point action plan (Panchamrut), which includes reducing emissions by 50% by 2030.

National Hydrogen Energy Mission (NHEM):

• A NHEM has been announced under the Union Budget 2021-22, which will prepare a roadmap for using hydrogen as an alternative energy source. This initiative has the potential to transform the transport sector.

• One of the most abundant elements on Earth (Hydrogen) will be leveraged for a clean alternative fuel option under the NHEM initiative.

Key Points of NHEM:

• Emphasis on hydrogen production from green energy resources.

• Linking India's growing renewable energy potential with the hydrogen economy.

• India's ambitious target of 175 GW by the year 2022 has got a boost from the Union Budget 2021-22, in which Rs 1500 crore has been allocated for renewable energy development and NHM.

• The use of hydrogen will not only help India achieve its emissions targets under the Paris Agreement, but it will also reduce India's dependence on fossil fuel imports.