renewable power Current Affairs - 2020

Investment Capacity of India in renewable sector reached 500-700 billion USD

The Institute of Energy Economics and Financial Analysis published a study according to which India has increased its potential of renewable energy investments to 500-700 billion USD. This is mainly because of improvements in solar power in the country.

Highlights

According to the study, the ultra-mega solar parks in the country have attracted foreign capital. The Bhadla Solar Park in Rajasthan is the largest solar park in the world. It is spread over 14,000 acres. The capacity of the park is 2245 MW of power.

Ultra-Mega Power Plant

The concept of ultra-mega solar parks was framed by India in 2016. In 2016, the Ministry of New and Renewable Energy had set a target of setting up of 40 industrial solar parks with a capacity of 20GW. The target was doubled to 40 GW in 2022.

The concept of ultra-mega solar parks involves local distribution companies and the state governments. This is mainly because large areas of land need to be acquired to set up a solar park. And since land is a state subject, state governments should certainly be involved.

IEA Report: Global Energy Review, 2020

The International Energy Agency recently released Global Energy Review in 2020. The report highlights the global energy demand in 2020 and carbon dioxide emissions.

Highlights

The report was prepared by collecting data from 30 countries. This includes India and China.

Key Findings of the report

According to the report, 15% of the daily electricity demand has been reduced. The decline was mainly due to complete lock down in the countries such as India, Italy, France, UK.

Service Sectors

The decline in power consumption was noted in countries where service sectors were dominant. The service sectors included were hospitality, retail, tourism and education.

Fossil Fuel

The lock down has also reduced fossil-fuel based power generation. In India, according to the report, electricity production from coal has declined by 32.2% as compared to 2019 level.

Coal

The Global Coal Demand reduced by 8% as compared to 2019. This was mainly due to three reasons. One, China, a coal-based economy was hit badly. Two, availability of cheap gas. Three, increased use of renewables.

Oil

The oil demand was reduced by 5%. The transport connectivity all over the world has been reduced by 50% and aviation has been reduced by 60%

Carbon Dioxide Emissions

The Carbon Dioxide Emissions have declined by 8% as compared to 2019 levels. This is almost 2.6 giga tonnes. These levels of carbons dioxide was found in the earth’s atmosphere before 10 years.