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Facilitating Growth of Corporate Renewable Market
May 2023 | Renewable Energy
India has emerged as a global economic hub and has evolved as one of the frontline contributors to the fight against climate change. The Amrit Kaal budget presented by the Indian Government in 2023 accelerates the momentum towards green growth.
At COP 26 Summit in Glasgow, India has laid out its commitments towards climate action in the ‘Panchamrit statement’ as a 5-point action agenda, highlighting that the country is targeting non-fossil fuel-based energy capacity to 500 GW by 2030, meeting 50% of the energy requirements from renewable energy by 2030, reducing the total projected carbon emissions by one billion tonnes from now onwards till 2030, reducing the carbon intensity of the economy by less than 45% by 2030 and achieving net-zero by 2070, enabling rapid and smooth transition for climate action for the country.
Commercial and Industrial (C&I) consumers are big segment in energy consumption with approximately 50% of the total electricity generated in India, most of which comes from conventional fuels. This customer base presents a major opportunity for Renewable Energy, as the Government pursues its targets. Increasing C&I consumer commitment and aggregating their demand can provide significant predictable offtake for RE power.
FICCI has been supporting the Government initiatives in this crucial area and FICCI has now developed a well-researched report – ‘Facilitating Growth of Corporate Renewable Market’ in collaboration with Bridge to India. The report incorporates the suggestions of the sector stakeholders including RE industry and C&I consumers.
The report highlights the policy support required to create a robust ecosystem to enable the transition of Corporates and Industries to green energy. It underlines the growth drivers for Corporate RE adoption and the various alternative routes available for C&I consumers to shift towards RE power. The report also covers the challenges being faced by C&I consumers at the state level and have highlighted recommendations for RE rich states.
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