Rapidly moving away from fossil fuels and other non-renewables to clean energy sources, Moody’s has predicted that India is all set to surpass its commitments under the Paris Agreement, reports Clean Technica.
In its report, named ‘Power Asia’, Moody’s stated Climate goals, declining costs of renewables signal decreasing reliance on coal power; India would likely see the share of non-fossil fuel power generation capacity rise to 45 per cent by 2022 against a commitment of 40 per cent by the same year.
Furthermore, the agency said that coal-based power generation in India would fall to 57 per cent by 2030. This declining trend is attributed to the government’s focus on promoting the large-scale production of clean energy. India has set a self-target to generate 175 gigawatts of renewable energy by March 2022. The target is further stretched to 500GW by 2030.
As of now, the share of renewable energy in India is around 22 per cent, and the shared held by all non-fossil fuel energy is hovering around 36 per cent. India’s renewable energy is expected to scale to 59 per cent by 2030.
The share of fossil fuel energy has seen a decline from 69.8 per cent in 2015 to 63.5 per cent by the end of 2018. In the meantime, the share of solar energy spiked from 1.5 per cent to 7.4 per cent and the share of all renewable energy went up from 13.1 per cent to 22.1 per cent.
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